NZDUSD started an upward trend on 13th of October, which caused to formation of a bullish channel. This channel is highlighted with sky blue on the chart. The price line is now, after having a retest of the base line of the channel, starting another ascending leg. Meanwhile RSI is almost on 50 and is showing indecision in the market. Traders can expect the price line to dump to the base line of the channel once more, then they can enter long positions, targeting the resistance levels above the current price.
There is resistance on 0.58720 followed by resistances at 0.59000 and 0.59420
There is support at 0.57700 Below, there is 0.57430 and 0.57180
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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