FX.co ★ NZD/USD Testing Support, Prepare For A Bounce

NZD/USD is approaching our support at 0.6982 (horizontal overlap support, 23.6% Fibonacci retracement, double bottom exit) and we expect price to rise above this level to our resistance at 0.7097 (horizontal swing high resistance, 100% Fibonacci extension, double bottom exit potential). We do have to be cautious of our intermediate resistance at 0.7057 (horizontal overlap resistance, 38.2% Fibonacci retracement). Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias. RSI is also approaching our resistance and a breakout above this level will see a corresponding rise in price.

NZD/USD is testing support where we expect a bounce above this level.

Buy above 0.6982. Stop loss 0.6929. Take profit at 0.7097.