During the last few weeks the NZD/USD has managed to break above the big psychological number of 00.7000, and put in a new local high. It is currently consolidating into a tight trading range below a descending trendline and above horizontal support. The pair has been bought and sold aggressively each time it has entered the previously mentioned areas. This suggests that a break out of this consolidation zone will likely see a volatile move as stops are triggered and positions closed. The break above 00.7000 gives a bullish bias and although it is aggressive I have taken a long position within the consolidation zone in anticipation of a break above the descending trendline. Stop loss is at 00.70680, first profit target is 00.71650 and second target is 00.73120.
*This is not a recommendation to buy or sell and is for educational purposes only*
*This is not a recommendation to buy or sell and is for educational purposes only*