NZD/USD: Pair is heading at 0.6750 making rounding bottom pattern.

Overview:-   From past couple of days we are witnessing a slow motion movement in all the pairs due to christmas season.  However, by looking at the daily technical chart we can see that pair is making  successively  higher highs and higher lows and moving in an uptrend, one thing is sure that pair has bottomed out and it’s time to go long and enjoy the rally which is about to arrive at 0,6750 level. In our previous report also we mentioned to buy the pair at 0.6450 for the target of 0.6550 level with the stop loss of 0.6400 and we are expecting that our readers must have made profit from this move.

Well the current picture dipicts that bulls are dominating the bears at every level and the way bulls are reacting it seems like they are driving the car with full of acceleration mode, they might test the 0.6700 and 0.6800 level in coming trading sessions.

Technical Analysis: – From technical prospective we can see that a short term uptrend line is forming and bulls are moving up by taking the support from here.  And a rounding top price pattern has been posted on the chart which is providing us bullish signal and a short term uptrend line has formed which is signaling that bulls are still holding the grip and not ready to give up. It’s just a half journey of bulls further rally is still awaited to 0.6750 level at least. RSI is also turned up above 50 level and a bullish crossover on MACD indicator is providing us bullish signal on the daily chart. Overall pair is trading and sustaining above the moving average lines which is generating bullish signal for the time being.

 

What Next:-  Overall bulls are playing at their front foot and leading in the game. The 0.6650 level is immediate key resistance level followed by 0.6700 level where as 0.6500 level can be considered as key support level followed by 0.6450 level. Odds are in favor of bulls and intraday to weekly bias remains bullish on the pair.

Trade idea:-  Based on chart and studies above we would suggest our traders and investors that go for long  around 0.6580-90 level for the target of 0.6670 and 0.6750 with stop loss of 0.6450 level.



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