NZD/USD upside still intact

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NZD/USD slipped lower after reaching the 0.7160 level. The temporary decline was somehow expected after the last swing higher. It has come back to test and retest the former high which represented upside obstacles.

The pair could resume its growth as long as it stays above 0.7093 - 0.7055 area. Only dropping below 0.7055 could invalidate further growth and could signal an important downside movement.

Trading Conclusion

A new higher high jumping above 0.7160 could confirm an upside continuation.

The material has been provided by InstaForex Company - www.instaforex.com

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