Overview:
- According to the previous events, the price of the NZD/USD pair is still trapped between 0.6538 and 0.6471. The resistance has already been set at the price of 0.6538 (61.8% Fibonacci retracement levels). Consequently, we expect that the trend is going to call for a bearish market at the level of 0.6538 on the H1 chart. Additionally, the 0.6538 level is representing resistance 1 and the range today will be about 67 pips. Thereupon, sell at the price of 0.6538 with the first target of 0.6494 (the daily pivot point), it might resume to 0.6471 in order to test the weekly support 1. At the same time, the stop loss should never exceed your maximum exposure amounts. Accordingly, your stop loss should be placed above the 0.6538 level.
Notes:
- Major support will be set at 0.6471 and the resistance is already placed at the price 0.6538.
- We expect a new range about 67 pips today and 210 this week.
- It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.
