NZD/USD Will Likely Start Climbing

NZD/USD has been testing the support at 0.6700 for over a week now and it seems that the pair will likely bounce off of it. It has formed a doji candlestick on the weekly time-frame, as well as a double bottom on the daily time frame, and both are above that support level. Under these circumstances I think it’s very likely that we will see a new move to the upside and its first target will be around 0.6830 – 0.6850. A possible breakout above that level could lead to a further move to the upside towards 0.7000, or perhaps even towards the previous high at 0.7050. Either way, for the moment I am considering opening a long position.