• NZDUSD reversed from key support level 0.6700
• Likely to rise to resistance level 0.6820
NZDUSD currency pair recently reversed up from the key support level 0.6700 (which stopped the earlier minor impulse wave 1) – strengthened by the lower daily Bollinger Band. The upward reversal from the support level 0.6700 created the daily Japanese candlesticks reversal pattern Bullish Engulfing.
Given the strength of the support level 0.6700 and the bullish divergence on the daily Stochastic indicator, improved NZD sentiment as seen across the FX markets today on oil gains, NZDUSD currency pair can be expected to rise further toward the next resistance level 0.6820 (top of the previous short-term correction 2).