NZD/USD - will we see a significant pullback in price?
Another week passes and NZD/USD reaches another new height. After pulling back slightly earlier in the week and experiencing a retest of the supporting ascending daily trend line, prices rallied higher, eventually creating a new higher high during Thursdays market. The slight breath that prices took the week prior was clearly enough to wet bullish appetite once again, as prices climbed towards the next resistance zone at 0.7300.
Until the ascending daily trend line is broken to the downside, it is hard to see NZD/USD continue anywhere but higher. For the upcoming week, this is exactly what we will be focusing on. A break below may be enough to send prices back down to retest support at 0.7030, or even the ascending weekly trend line that is still there in the background acting as a secondary support.
If prices continue to remain buoyed by the daily ascending trend line in the coming week, any pullbacks back to this line will be viewed as buying opportunities.
Until the ascending daily trend line is broken to the downside, it is hard to see NZD/USD continue anywhere but higher. For the upcoming week, this is exactly what we will be focusing on. A break below may be enough to send prices back down to retest support at 0.7030, or even the ascending weekly trend line that is still there in the background acting as a secondary support.
If prices continue to remain buoyed by the daily ascending trend line in the coming week, any pullbacks back to this line will be viewed as buying opportunities.
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