• NZDUSD reversed from support area
• Likely to rise to resistance level 0.7200
NZDUSD currency pair recently reversed up from the support area lying between the key support level 0.7100(which has been reversing the price from the start of May), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from the end of March. The upward reversal from this support area stopped the previous short-term impulse wave C – which belongs to intermediate ABC correction (2) from the end of May.
Given the strength of this support area and the improving NZD sentiment seen across the currency markets today – NZDUSD currency pair can be expected rise further toward the next resistance level 0.7200 (target for the completion of the active short-term impulse wave (i)).