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Hugo in HTO Trading,

Inside week at a key level

Since the start of the year the currency gained in excess of 6.0% and last week rose more than 1.0% in addition it continues in a bullish phase since the end of July.

Last week the NZDUSD rose with a narrow range and closed near the high of the week, yet closed within the previous week range, creating an inside week which suggests being slightly on the bullish side of neutral.

The stochastic is setting lower highs while price is making higher highs, signs of a potential bearish divergence.

Expecting an upward move to a weekly resistance at 0.7669 on a break above the previous week high at 0.7321 (scenario 1) however a break below the previous week low at 0.7164 could drag the currency down to a key level at 0.6897 (scenario 2).