NZDUSD bullish breakout, potential for further rise!

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Price has shown a bullish breakout from the descending trendline resistance-turned-support, and is also holding above the moving average as well. We could see a further rise from 1st support at 0.69519 in line with 50% Fibonacci retracement and horizontal overlap support, towards 1st resistance at 0.70270 in line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension . Our bullish bias is further supported by how Price is holding above the Ichimoku cloud and RSI is being held up by a corresponding ascending trendline support. Otherwise Price may bearish towards 2nd support at 0.69213 in line with 50% Fibonacci retracement and 38.2% Fibonacci extension.

Trading Recommendation

Entry: 0.69519

Reason for Entry:

50% Fibonacci retracement and horizontal overlap support

Take Profit: 0.70270

Reason for Take Profit:

78.6% Fibonacci retracement and 127.2% Fibonacci extension

Stop Loss: 0.69213

Reason for Stop Loss:

50% Fibonacci retracement and 38.2% Fibonacci extension

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

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