As a result of today’s downward correction market reached area around yesterday defeated resistance (now support), where there was a strong bullish reaction . In the near future we expect to test the level of 1.2565 area, which defeated could pave way for further growth even in the vicinity of 1.2765.
Since the beginning of the year market is moving in a narrow growth channel . Today overcame significant resistance at 0.7230 and NZDUSD current price is located in the area (green) of the upper limit of the ongoing for five months downtrend and defeated earlier (blue) line of upward trend.
As a result of today’s growth market is currently around 113.80 level which was defeated yesterday. The rejection of that level could open way to declines.
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