- According to the previous events, the NZD/USD pair has been still moving between 0.6641 and 0.6517. Besides, the resistance has already been set at the level of 0.6641. Therefore, it will be a good sign to sell below 0.6641 with the first target of 0.6517. If the trend breaks the weekly pivot point, it will call for a downtrend in order to continue its bearish movement towards 0.6467 with a view to double bottom. On the other hand, the stop loss should never exceed your maximum exposure amounts, so the stop loss should be placed above the resistance at the price of 0.6694. It should be noted that the key level is set at the levels of 0.6641 and 0.6467.
- It should be noted that the key level is set at the levels of 0.6641 and 0.6467.
- Moreover, the 0.6617 level is coinciding with the weekly pivot point on August 18, 2015.
- We expect a range about 174 pips (0.6641 – 0.6467) in coming days.
- Equally important, the resistance has been already formed at the 0.6641 level.
- As it is known, history will probably repeat itself at this level again.
The material has been provided by InstaForex Company – www.instaforex.com