The price on the NZD/ USD tested the previous key price of 0.7319 as resistance and has now come back to test the upper channel band as support.

If the upper channel band holds as support, then the price could then reach the following two targets of:

1) 0.7333 (at the most recent high where sellers entered the market) and

2) 0.7719 (at the 261.8 Fibonacci projection level)

At this level there is a cluster of the 200% Fibonacci projection level, the 20 moving average and the 200 moving average; as well as the upper channel band.

If significant selling power comes into the market and this cluster fails to hold as support, then the two targets to look for are

1) 0.6659 (161.8 % Fibonacci projection level. This is also where the bodies of the most recent low candles found support.

2) 0.6400 (138.2 % Fibonacci projection level)