• NZDUSD reversed from support area
• Likely to rise to resistance level 0.7270
NZDUSD currency pair recently reversed up from the support area lying between the key support level 0.71568 (which has been steadily reversing the price from the middle of April), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse wave (1) from the end of March. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern bullish Engulfing.
Given the improvement in risk sentiment as seen across the forex markets today – adding to the bearish pressure on U.S. dollar – NZDUSD currency pair can be expected to rise further toward the next resistance level 0.7270 (which has been reversing the price from the middle of March).