Overview:
- The NZD/USD pair movement will be continued directly from the resistance level of 0.6375 (61.8% of Fibonacci retracement levels) in the H1 chart. Therefore, the NZD/USD pair is showing signs of weakness, following the break of the lowest level of 0.6375, for that it will be a good sign to sell below the level of 0.6375 in the short term with the first target of 0.6325 in order to test the pivot point and further to 0.6293 to form the double bottom, then this price will act as strong suport. For that, it is going to be a good place to take profit, it also should be noted that this level of taking profit will coincide with 23.6% of Fibonacci retracement levels. However, in case if a reversal takes place and the NZD/USD pair breaks through the minor resistance level of 0.6375 , the market will increase further to 0.6410 for indicating bullish market.
Notes:
- We expect a range about 82 pips (0.6293 - 0.6375) today.
- The risk of 82 pips must make a profit of 123 pips.
- The value of 50% Fibonacci retracement levels is 0.6349.
- The level of 0.6349 will confirm the bearish market.
- Volatility is 125.53. As a rule, the market is highly volatile if the last day had a huge volatility.
