Overview:
- Due to the previous events, the price of NZD/USD pair is still between the levels of 0.6949 and 0.6814.
- In the short term, the resistance will be formed at the level of 0.6950 providing a clear signal for sell deals with a target at 0.6814 in order to to test the double bottom.
- The support is likely to be found at the level of 0.6800 providing a clear signal for buy deals with a target at 0.8682. The level of 0.6898 is coinciding with a ratio of 23.6%. If the market manages to break the first minor resistance at 0.6898, it will continue towards the second target at 0.6950.
Notes:
- A daily pivot point will set at the level of 0.6898.
- We expect a range of 79 pips. Hence, the risk of 79 pips must make a profit of 118 pips.
- The key level is seen at 0.6950 today.
- The double bottom will be formed at 0.6814.
