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Hugo in HTO Trading,

NZDUSD: Trying to breach a key level

Since the start of the year the currency gained more than 2.0% and last week rose more than 1.5% in addition it continues in a bullish phase since the beginning of March.

Last week the NZDUSD rose with a narrow range and closed near the high of the week, yet closed within the previous week range, suggesting slightly on the bullish side of neutral.

The Stochastic is showing a overbought market although is still displaying a strong bullish momentum and is well above the 50 mid line.

Expecting an upward move to a key level at 0.7248 on a break above the previous week high at 0.6999 (scenario 1) and a bounce off the key level at 0.7248 could push the currency down to an other key level at 0.6897 (scenario 2).