NZDUSD currency pair from the time of establishing the low at 0.6140 is moving north. However the week chart below shows on the way to increases stood resistance at 0.7368 which turns out to be difficult to overcome. Last week the price again tested the mentioned resistance that all the time is respected. Following the test it formed a considerable size formation bear’s outside bar – (engulfing). It indicates the possibility of further price declines.
We should keep in mind the presence of visible trend line in the chart below, which supports the price. In addition a key area of horizontal support is there between 0.6970 – 0.7045. If NZDUSD manage to overcome these levels, will be justified to seek sales opportunities with target at support at 0.6675.