A breakdown of the local resistance level of 0.7105 (July highs) may provoke further growth in NZD / USD to resistance levels of 0.7240 (38.2% Fibonacci retracement in the global wave of the pair's decline from 0.8820), 0.7300. More distant growth targets are located at resistance levels 0.7430, 0.7550 (50% Fibonacci level), 0.7600 (see also "Fundamental Analysis and Recommendations")
In an alternative scenario and after a confirmed breakout of the support levels 0.6865 (23.6% Fibonacci level), 0.6845 NZD / USD will head towards the support level 0.6750 (the lower line of the descending channel on the weekly chart). A breakout could finally push the NZD / USD into the bear market zone and return it to the global downtrend that began in July 2014. The first signal for the implementation of this scenario is a breakout of the key support level 0.7005.
Trading recommendations
Sell Stop 0.7020. Stop-Loss 0.7070. Take-Profit 0.7005, 0.6977, 0.6964, 0.6930, 0.6865, 0.6845, 0.6750, 0.6700
Buy by market, Buy Stop 0.7070. Stop-Loss 0.7020. Take-Profit 0.7105, 0.7240, 0.7315, 0.7380, 0.7430, 0.7550, 0.7600
*) NZD/USD: Current Fundamental Analysis and Market Expectations
**) the most up-to-date "hot" analytics and trading recommendations (including entries into trades "by-the-market") - https://t.me/fxrealtrading
