NZD/USD higher and looks to test levels above 0.7400
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NZD/USD has been doing a correction from September 20th highs at 0.7430 and currently challenges a demand zone established between the 0.7307 and 0.7270 levels. According to our Fibonacci projections, the pair is poised to continue with the rally from the current stage and looks forward to reach the next Fibonacci target of -23.6% at 0.7493, once it breaks highs mentioned above.
To the downside, Kiwi could invalidate the bullish scenario with a breakout of September 14th lows, which should open the doors to test the psychological area of 0.7100. RSI indicator remains in the positive territory.
