Is the 0.7303 a bullish zone on the NZDUSD?
The bullish pressures on the NZDUSD got more tensed since the 27th of October 2016 where the price climbed from 0.7109 to 0.7303.
The buyers took control of the pair by almost 200 pips to their favour, a great movement with superb gains for the bulls.
The latest appreciation, or bounce, of the price from the 0.7229 zone to the 0.7303 area which is today’s major pivot point level, is a good indication that the buyers could likely exert further momentum to boost the price higher.
Stochastic oscillator signals that a probable bullish retracement at the 25 level has greater chances to occur.
In the event where the pair escalates, the buyers could set their take profit target at 0.7420.
Alternatively, a bearish breakout below the 0.7229 zone could signal that the sellers may exert far greater pressures to force the price to lower areas such as the 0.7109.
Today’s Major Announcements
- There are no any releases on the New Zealand dollar
- The Nonfarm Payrolls (Oct) and the Unemployment Rate (Oct) releases are expected to have a strong influence on the U.S. dollar
· Probable trend (Bullish): 0.7303
· Bullish take profit target: 0.7420
· Stop loss target: 0.7229
· Alternative trend (Bearish): 0.7229
· Bearish take profit target: 0.7109
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