NZD/USD right on major support, time to go long

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The price is testing major support at 0.7312 (Fibonacci retracement, horizontal overlap support, long-term ascending support, bullish price action) and a bounce could occur at this level to push the price up to at least 0.7436 resistance (major swing high resistance, Fibonacci extension).

RSI (55) sees a long-term ascending support line since November 2017 hold up our bullish momentum really well. We’re starting to see a possible break of this long-term support line but our major support remains at 51% and only a clean break of that level would be a precursor that a drop is coming.

Buy above 0.7312. Stop loss at 0.7256. Take profit at 0.7436.

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The material has been provided by InstaForex Company – www.instaforex.com

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