Overview:
- The trend of NZD/USD pair movement has been controversial as it took place in a narrow sideways channel, the market has shown signs of instability.
- Therefore, the price is still moving between the levels of 0.6842 and 0.6715.
- The daily resistance and support are seen at the 0.6842 and 0.6715 levels respectively.
- Consequently, it is recommended to be cautious while placing orders in this area (0.6842 - 0.6715). We need to wait until the sideways channel is completed.
- Yesterday, the market moved from its bottom at 0.6754 and continued to rise towards the top of 0.6842.
- Today, the current rise will remain within a framework of correction, which can be seen on the four-hour chart. However, if the pair fails to pass through 0.6842, the market will indicate a bearish opportunity below the strong resistance at 0.6842.
- Sell deals are recommended below 0.6842 with the first target at 0.6715. If the trend breaks the support at 0.6715, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6687 in order to test the daily support 2.
- The stop loss is better to be set above the first resistance at 0.6860.
