Overview :
- According to previous events, the NZD/USD pair is still moving between 0.8315 and 0.8433.
- Strong level (resistance) will be formed at the level of 0.8509 (this level coincides with the ratio of 38.2% Fibonacci retracement levels) providing a clear signal for sell deals with the target seen at 0.8310 in order to test the double bottom in H4 chart.
- Stop-loss is to be placed above the double top at the level of 0.8538.
- Strong level (support) will be formed at the level of 0.8310 (this level coincides with the ratio of 00% Fibonacci retracement levels) providing a clear signal for buy deals with the target seen at the 0.8430 and 0.8509 levels in order to test the daily pivot point and weekly resistance 1 respectively.
- Also, it should be noted that: If the trend breaks the daily pivot point (0.8433), it will continue towards the weekly resistance 1 at the price of 0.8809 which represents a strong resistance.
- However, the stop loss should never exceed your maximum exposure amounts. So, it is to be placed below the double bottom at the price of 0.8270.
The material has been provided by InstaForex Company - www.instaforex.com
