FX.co ★ NZDUSD could reach 0.7160 next.

NZDUSD has broken above key short-term resistance trend line and after back testing it, is now bouncing off of it. We expect price to continue higher towards 0.7160.

Blue line -resistance (broken)

Black line - resistance

Red rectangle -short-term target

NZDUSD is making higher highs and higher lows in the Daily chart. Price has support at 0.6960 and is now trading at 0.7043. I expect price to continue higher towards the red rectangle area and the black trend line resistance. This scenario is valid as long as price is above 0.6960.