NZDUSD is still trading inside the bullish channel it is in, since last March. Trend remains bullish as long as price is above 0.7150-0.7120. Breaking below the lower channel boundary will be an important bearish signal.
Blue lines – bullish channel
NZDUSD is vulnerable to a break down. Resistance is at 0.7230. Bulls need to recapture the 0.7230 level and continue higher. With the RSI already providing bearish divergence signs, I believe bulls need to be very cautious and protect any gains. Aggressive traders should be ready to initiate short positions once the major support area of 0.7150-0.7120 fails to hold. Our first downside target is at 0.69.
The material has been provided by InstaForex Company – www.instaforex.com
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