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    NZD/USD reversed from support zone

    NZD/USD recently reversed up sharply from the support zone lying between the round support level 0.7000 and the 38.2% Fibonacci correction of the previous sharp upward impulse from the end of May. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing which marked the completion of the previous minor correction (a), as can be seen below.

    NZD/USD is likely to rise further in the active minor (b)-wave toward the next buy target at the resistance level 0.7150 (which stopped the previous minor impulse wave (i) at the start of this month).

     


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