Currently, is trading near the 0.6938 mark, receiving support from the weakening . The nearest growth targets are resistance levels 0.6976, 0.7005, 0.7035.
Their breakdown will cause further growth in NZD/USD towards the local resistance level of 0.7105 (July highs), and further to resistance levels of 0.7240 (38.2% Fibonacci retracement), 0.7300. More distant growth targets are located at resistance levels 0.7430, 0.7550 (50% Fibonacci level), 0.7600.
In an alternative scenario and after a confirmed breakout of the 0.6865 support levels (23.6% Fibonacci level), 0.6845 NZD/USD will head towards the 0.6700 support level (the lower line of the descending channel on the weekly chart). A breakdown could finally push the NZD/USD into a bear market zone and return it to the global downtrend that began in July 2014.
Sell Stop 0.6895. Stop-Loss 0.6965. Take-Profit 0.6865, 0.6845, 0.6800, 0.6700
Buy by market, Buy Stop 0.6965. Stop-Loss 0.6895. Take-Profit 0.6976, 0.7005, 0.7035, 0.7105, 0.7240, 0.7315, 0.7380, 0.7430, 0.7550, 0.7600
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