• NZDUSD reversed from support area
• Likely to rise to resistance level 0.7100
NZDUSD currency pair recently reversed up from the support area lying between the long-term support level 0.6945 (which has been reversing the price from the end of March) and the lower daily Bollinger band. The upward reversal from this support area support area created the daily bullish Engulfing, which stopped the previous intermediate impulse wave (C) from the end of May and started the active short-term impulse wave 1.
Given the strength of the aforementioned support area, NZDUSD currency pair can be expected to rise further toward the next resistance level 0.7100 (which stopped the two prior waves (a) and 4).