The NZD/USD has formed an ascending trend pattern and there is still more room to the upside. POC bounce should target a new confluence zone.
Bounce from 0.6720-40 is a part of a trend continuation pattern. The first target is W H3 & 7/8 MM confluence – 0.6775, while the second target is W H4 & 8/8 MM confluence exactly at 0.6835. The three ascending trend lines additionally support the uptrend. If the price gets to 0.6835 watch for either a further breakout or a rejection. Ideally the price should stay above 0.6700 for uptrend momentum.
This article was originally posted on FX Empire
More From FXEMPIRE:
- GBP/USD Price Forecast – British pound fills gap from week opening
- AUD/USD Price Forecast – Australian dollar bounces slightly on Tuesday
- Crude Oil Price Forecast – crude oil markets collapse
- GBP/JPY Price Forecast – British pound fills the gap
- Gold Price Prediction – Gold Prices Stabilize as Budget Deficit
- What is Copper Telling Us About the World Economy?