Overview:
- The NZD/USD pair has opened below the monthly pivot point at the level of 0.6660. Therefore, the market will probably indicate a bearish opportunity at the level of 0.6660 and the monthly pivot point will act as strong resistance on July 28, 2015. So, according to the previous events, the price has been still trading between the prices of 0.6700 and 0.6521. Therefore, the area below 0.6700 (below the monthly pivot point) looks for further downside with the first target at the 0.6575 level in order to test the weekly support 1 and continue towards 0.6490 (the double bottom). However, stop loss should be placed above the last bullish wave at the price of 0.6772.
Trading recommendations:
- The NZD/USD pair will probably go down because the downward trend is still strong. Then, it is recommended to sell during the correction and open short trades below 0.6700 with targets at 0.6575 and 0.6490.
