NZD/USD has decreased a little in the short term to retest the 0.7042 former high. This level was seen as an upside obstacle. Now, after the upside breakout, the 0.7042 level has turned into support, a downside obstacle.
The pair could resume its growth as long as it stays above this level. The next upside target is seen at the 0.7092 high. Technically, the current decline was somehow expected, the price has decreased to test and retest the broken 0.7042 level before resuming its upside movement.
Trading Conclusion!
NZD/USD could increase as long as it stays above 0.7042. Only dropping below this level may signal a downside movement and could invalidate the upside scenario.
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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