Trading recommendations:
- The market will turn to bearish sentiment from the level of 0.6949 (50% of Fibonacci Expansion). Moreover, the weekly pivot point for the NZD/USD pair is seen at the level of 0.6865 in the short term. Therefore, it will be good to sell below 0. 0.6949 with the first target at 0.7825. It will call for a downtrend in order to continue its bearish movement towards 0.6762 to form a double bottom in the daily chart. Notwithstanding, stop loss should never exceed your maximum exposure amounts, consequently stop loss should be placed above the weekly resistance at the level of 0.6975.
Observations:
- According to the previous events, the NZD/USD pair is going to move between 0.6949 and 0.6762 today.
- It should be noted that the level of 0.6762 represents the double bottom and the weekly pivot point is placed at 0.6865.
- The resistance is seen at the level of 0.6949 this week.
- The support was found at 0.6762.
- We expect a new range about 235 pips this week.
- The key level is seen at 0.6949.
