Overview:
- The trend of NZD/USD pair movement was controversial as it took place in the narrow sideways channel, the market showed the signs of instability. Due to the previous events, the price is still moving between the levels of 0.6558 and 0.6446. Also, it should be remembered that the daily resistance and support are at the levels of 0.6558 and 0.6446 respectively. Therefore, it is recommended to be cautious while opening orders in this area. So, it is necessary to wait until the sideways channel has completed. Yesterday, the market moved from its bottom at 0.6449 and continued to rise towards the top of 0.6524. Today, in the one-hour chart, the current rise will remain in the framework of corrections. However, if the pair fails to pass through the level of 0.6558, the market will indicate a bearish opportunity below the strong resistance level of 0.6558 (the level of 6558 coincides with the double top too). Since there is nothing new in the path of this pair, it is still not bullish. In this regard, sell deals are recommended lower than the 0.6558 level with the first target at 0.6446. If the trend breaks the support at 0.6446, it is possible that the pair will move downwards continuing the development of the bearish trend to the level 0.6410 in order to test the daily support 2 (horizontal green line).
