Overview :
- The resistance of the NZD/USD pair is going to set at the level of 0.7532. Besides, it should be noted that the level of 0.7440 represents strong support. Consequently, the descending movement will probably be lower than the 0.7532 level with the targets at 0.7488 and 0.7440. On the contrary, the support has already set at 0.7440 and the double bottom sets at the price of 0.7450. Furthermore, it should be noted that it will quite profitable to buy above this level to retest this level for a short period. Therefore, buy deals are recommended above the 0.7450 level with targets at 0.7503 and 0.7532 to reach the double top.
- In the long term, another resistance will be found at the price of 0.7613 (61.8% of Fibonacci retracement levels on the H1 chart). Hence, according to the previous events at the same time frame, the price of the NZD/USD pair is going to move between 0.7440 and 0.7617 until next week. Besides, it should be noted that the level of 0.7617 is representing the weekly double top. Therefore, it will be very useful to sell below the price of 0.7617 with the first target at 0.7449 and in order to test the double bottom. But if the trend is able to break the double bottom at 0.7449, then it might resume to 0.7345 (23.6% of Fibonacci retracement levels).
The material has been provided by InstaForex Company - www.instaforex.com
