Overview :
The price of the NZD/USD pair moved sideways because neither the market nor trend was stable. Furthermore, the price is still moving between 0.7550 and 0.7578; thus, it is of the intelligence to be neutral at this spot. Support was found at the level of 0.7447. As it is known, buyers are bidding at a lower price. Accordingly, the price of the NZD/USD pair will give a good sign to buy above 0.7450 with a first target at 0.7538 in order to test the ratio of 61.8% Fibonacci retracement levels if the trend is able to break the level of 0.7538. So, it might resume to 0.7574 in order to form a double bottom. However, if the trend fails to close above resistance at 0.7580, the market will indicate a bearish opportunity below 0.7580. Shortly after that, the level of 0.7580 is going to act as strong resistance in the H1 chart. It is going to be a good sign to sell below this level. Therefore, it is recommended to sell during the correction at the level of 0.7580 with targets at 0.7485. But the stop loss should be placed above 0.7580 at 0.7617.
The material has been provided by InstaForex Company - www.instaforex.com
