NZD/USD - Is There No Stopping This Pair?
Another positive day on this pair as we continue the bullish momentum heading towards my long-term target and monthly key level of 0.7100.
Since the last rejection of 0.9600, the price has seen a strong bullish run where it broke out of the triangle pattern, retesting this area as support and then continuing to reach the highs of 0.7048 yesterday. At this level, there is minor resistance on the 4H chart as shown but given the support just below price action from the inside trendline and MA's, there is no sign of this pair slowing down yet.
The monthly key level is all but 70 PIPs away from current price levels but could there be a pullback before reaching here? Well if the price was to break and close below the inner trendline then we may see some form of a pullback in form of Fibonacci retacement levels before then next leg higher.
Today I am watching for a break of the minor resistance at 0.7040 and should this break I believe we will see 0.71000 quickly. Should we fail to break and come lower as mentioned, we may see levels 0.6985 and 0.6965 tested as support first.