NZD/USD: buy target - 0.6780
By: Dmitriy Chernovolov
- NZD/USD reversed from multi-year support level 0.6570
- Next buy target - 0.6780
NZD/USD recently reached the sell target 0.6600, which was set in our previous forecast for this currency pair. After breaking below 0.6600, the pair reversed up sharply from the next major multi-year support level 0.6570, which reversed the price with the monthly Morning Star in May of 2010, as you can see from the monthly NZD/USD chart below.
Given the strength of the support level 0.6570 and oversold monthly Stochastic, NZD/USD can be expected to rise further toward the next buy target at 0.6780.