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NZDUSD reverses upward from support, targeting 0.5780

The pair rebounded from a support zone between 0.5600 and the lower daily Bollinger Band, pointing to a move toward 0.5780, a former support level from early June.

Reported · Written up by our desk · Major Pairs

NZDUSD has reversed upward after bouncing from a support zone between the long term support level at 0.5600 and the lower daily Bollinger Band, according to Action Forex.

The outlet said the rebound is tied to the start of an active medium term impulse sequence, labeled (3).

Action Forex expects NZDUSD to keep rising toward the next resistance level at 0.5780, identified as former support from the start of June.

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