NZDUSD H4 - positive test of resistance
In line with scenario presented in analysis from last Thursday, NZDUSD broke the upper limit, which was the resistance of triangle formation and pair turned towards the target around 0.7319.
There also we saw an inflow of offers, which led to effective rebound from this level. Downward movement is currently being continued, and the nearest support can be provided by both the lower and the upper (broken) triangular arms shown in the chart below. A positive test of aforementioned levels may turn price once again to resistance at 0.7319. On the other hand, if bears maintain control, the nearest target for declines will be the key support near 0.7187. Only after breaking this level we can expect a deeper drop.
There also we saw an inflow of offers, which led to effective rebound from this level. Downward movement is currently being continued, and the nearest support can be provided by both the lower and the upper (broken) triangular arms shown in the chart below. A positive test of aforementioned levels may turn price once again to resistance at 0.7319. On the other hand, if bears maintain control, the nearest target for declines will be the key support near 0.7187. Only after breaking this level we can expect a deeper drop.
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