- The NZD/USD pair has still trapped between 0.6561 and 0.6667. In the H1 chart, resistance will be formed at the level of 0.6667, providing a clear signal for sell deals with targets seen at 0.6607 and 0.7733 in order to test the double bottom. Stop-loss is to be placed above 0.6562. In the long term, strong support will be formed at the level of 0.6562. If the trend succeeds in breaking this support, we will see a clear signal to sell again with the last targets seen at the 0.6530 and 0.6498. Stop-loss is to be placed above the resistance at 0.6690.
- We expect a range about 216 pips (0.6667 – 0.6561) this week.
- The risk of 72 pips must make a profit of 216 pips.
- The level of 0.6667 will confirm the bearish market.
- Volatility today is 257.85. As a rule, the market is highly volatile if the last day had a huge volatility.
The material has been provided by InstaForex Company – www.instaforex.com