NZD/USD continues to rise inside the minor impulse wave (iii) – which was started earlier - when the pair reversed up from the support area located between the round support level 0.700 and the 50% Fibonacci correction of the earlier upward impulse (i) from the end of May. The upward reversal form this support zone created the daily Japanese candlesticks reversal pattern Piercing line.
NZD/USD is expected to rise further in the active impulse waves (iii) and 3 toward the next buy target at the resistance level 0.7200, the breakout of which can lead to further gains toward 0.7300.
