FxWirePro: NZD/USD bulls drift in rising channel, resembling bullish engulfing evidences bounces above resistance EMAs

The current price sentiments are in bulls favour as the price bounces are moving in rising channel.

At the moment, the pair takes support at channel base at 0.7137 levels to drag the day uptrend.

The current prices have bounced above DMAs while leading indicators are also converging these bullish sentiments.

To substantiate the above stances, the breach above resistance of 0.6896 would determine medium term rallies, as a result, we see current price jump above EMAs as well at 0.7141 level which is 1-year highs (see monthly chart).

On monthly plotting, there is a likely bullish engulfing candle pattern with convincing volumes conformation so far, 8 days to spare to end this monthly candle.

Leading indicators (both RSI and Stochastic) are conformity to the intermediate uptrend that shows the strength and intensified momentum in the prevailing rallies.

Previous long term bearish trend have now slowly moving in sideways to uptrend which seems like a trend reversal as the bulls are holding stronger (see monthly charts, long lasted downtrend now holding stronger).

Well, on speculative grounds, since the current price curve lingering above DMAs, the advice for short term aggressive bulls is that initiate buys in one touch binary calls for targets of 30-35 pips.