Trading recommandations :
- The level of 0.7874 represents the weekly support 1. It should be noted that the weekly support 1 coincides with the ratio of 50% Fibonacci retracement levels. So, according to the previous events, the price of the NZD/USD pair will move between 0.7874 and 0.8005 today because the level of 0.8005 represents a minor resistance in H4 chart. Therefore, buy above 0.7880 in the long term with the first target of 0.7930, it might resume to 0.8005 (if the trend will be able to break the level of 0.7950) in order to test the minor resistance.The stop loss should never exceed your maximum exposure amounts. Thus, it will be quite profitable to set your stop loss at the level of 0.7835.
Observations :
- The double top will set at the level of 0.8000.
- The minor support is going to set at 0.7910 and this level is going to represent the weekly pivot point today.
- The major support had already set at the price of 0.7874. Moreover, the double bottom also coincides with the major support (0.7874) on November 18, 2014.
- We expect a new range of 63 pips today.
The material has been provided by InstaForex Company - www.instaforex.com
