NZD/USD: bulls showed strength

NZD/USD: bulls showed strength

Recommendations:

BUY 0.7370, SL 0.7315, TP1 0.7450, TP2 0.7470

BUY 0.7290, SL 0.7235, TP 0.7450  

On the daily chart, inability of bears to lead NZD/USD outside of the bullish trend channel points at their weakness. The condition required for continuation of the rally to 0.7450 (113% target of the “Shark” pattern) is the settlement of the New Zealand’s dollar above support at 0.7345 with the following increase to July high.

NZD1.png 

On H1, NZD/USD managed to return to the uptrend. As long as the pair is trading above 0.7210, the outlook will remain bullish.

NZD2.png

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