Amid previous events, the NZD/USD pair
is still moving between the level of 0.7079 and 0.7199. The level of 0.7079
represents a weekly double bottom in the H1 chart. It should be noted that the
weekly double bottom coincides with the ratio of 00% Fibonacci retracement
levels. Consequently, the new resistance has set at the level of 0.7153; for
that sell below the level of 0.7153 in the long term with the first target at
0.7100. If the trend is able to break the first support at 0.7100, it might
resume to 0.7079 in order to test the double bottom in the same time frame. On
the other hand, the stop loss should never exceed your maximum exposure
amounts. Thus, it will be rather profitable to set your stop loss at the level
The resistance has set at the level of
0.7199 and support is found at 0.7079.
The key level is at 0.7117 today.
Expect a daily range of 68
The material has been provided by InstaForex Company – www.instaforex.com