• NZDUSD reversed from support area
• Likely to rise to resistance level 0.7110
NZDUSD currency pair recently reversed up with the daily Piercing Line from the support area lying between the key support level 0.6950 (former monthly low from March) and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous intermediate impulse wave (C) from the end of May and started the active impulse wave 1.
Given the proximity of the aforementioned support area, improvement in New Zealand dollar sentiment as seen across the Forex markets today – NZDUSD currency pair can be expected to rise further toward the next resistance level 0.7110 (former multi-month low from the start of May).