Overview:
- The NZD/USD pair has been moving in a downtrend from the level of 0.6564 (50% of Fibonacci retracement levels). Additionally, the pair has been trading between 0.6564 and 0.6391 for a while; consequently, do not sell at this spot. Equally important, the support has set at the level of 0.6391. As it is known, sellers are asking at a higher price. The NZD/USD pair is expected to give a good sign to sell below 0.6564 with the first target at 0.6490. Also, if the trend is able to break the level of 0.6453, the pair might resume its movement to 0.9395. However, if the pair fails to close below the support line at 0.9395, the market will indicate a bullish opportunity above 0.9395 in the short term. The level of 0.9395 will act as strong support, for that buy above this level for correction around the area of 0.6502.
Intraday Technical Levels:
- Projected high: 0.6638
- Breakout (buy stop): 0.6582
- Strong resistance (sell limit): 0.6565
- Current Pivot: 0.6488
- Strong support (buy limit): 0.6453
- Breakout (sell stop): 0.6391
- Projected low: 0.6313
