Overview:
- The NZD/USD pair has formed a resistance at the level of 0.6771/0.6780 and the area of 0.6783 is probably going to compose a double top, hence the price of 0.6780 will form the last bullish wave and will act as a strong resistance. So it will be a good sign to sell below the level of 0.6780 with the first target at 0.6682 and further to 0.6651. The level of 0.6651 will act as a strong support today for that it will be a good place to take profit around the 0.6651 level. The weekly resistance will be set at the level of 0.6780. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the resistance at the price of 0.6780, a further rise towards the 0.6833 level will take place later.
Observations:
- The market was stable and the trend was rather clear (downward). Therefore, the strong resistance will be set at 0.6780.
- Expect a range of 129 pips as the downtrend from the level of 0.6780 towards the price of 0.6651.
- A strong support level will be formed at the price of 0.6651 this week.
- Volatility is 130.50; so the market has called for a high volatility.
