NZD/USD broke key resistance level 0.7370

NZD/USD broke key resistance level 0.7370

  • NZD/USD broke key resistance level 0.7370
  • Next buy target - 0.7480

NZD/USD has been under strong bullish pressure lately – following the earlier breakout of the key resistance level 0.7370 (which had reversed the price sharply in November and February, as can be seen from the daily NZD/USD chart below). The breakout of the resistance level 0.7370 accelerated the active minor impulse wave – which belongs to the impulse (1) of the primary upward impulse wave ③ from the start of May. NZD/USD is expected to rise to the next buy target at the next resistance level 0.7480.

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The pair has been trading in a bullish tone since November 9th but currently it’s off from November 17th highs and we can expect that it finds dynamic support in the 200 SMA…

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