• NZDUSD reversed from support level 0.6745
• Likely to rise to resistance level 0.6800
NZDUSD continues to rise after the pair reversed up from the key support level 0.6745 (which stopped the previous sharp downward impulse wave 3 with the daily Morning Star at the start of December) strengthened by the lower daily Bollinger Band. The upward reversal from the support level 0.6745 stopped the earlier impulse wave 5 – which belongs to the higher order downward impulse wave (C) from the end of October.
Given the strength of the aforementioned support level 0.6745, oversold daily Stochastic and the improving New Zeeland dollar sentiment seen across the FX markets today , NZDUSD currency pair can be expected to rise further toward the next resistance level 0.6800.
