The NZD/USD currency pair is trading slightly bullish around 0.5990, having violated the symmetric triangle pattern, which is likely to drive the bullish trend in the pair. The New Zealand Dollars proceeded to outperform as risk appetite gained on expectation that the spread of the novel coronavirus in the United States and Europe could be reduced, though an outbreak in Japan worsened.
President Donald Trump declared confidence on Sunday that the United States was witnessing a “leveling-off” of the coronavirus pressure in some significant spots, but some of his best medical advisors caught a more tempered outlook. Considering this, the demand for the U.S. dollar is getting hit, while investors seem to move their investments into other currencies such as Aussie and New Zealand dollars.
Well speaking about the technical side of the market, the NZDUSD has violated the symmetric triangle pattern, which was extending resistance around 0.5950, and the pair has closed candles outside this pattern. Violation of this pattern can trigger bullish bias in the NZD/USD pair above 0.5950, and it may lead to the NZD/USD currency pair towards the next resistance level of 0.6045 and 0.6065 while immediate support continues to stay at 0.5960.
Buying Price: 0.59949
Take Profit 0.60549
Stop Loss 0.59449
Profit & Loss Per Standard Lot = -$400/ +$500
Profit & Loss Per Micro Lot = -$40/ +$50