Overview:
- The NZD/USD pair was trading around the area of 0.6713 a day ago. Today, the level of 0.6713 represents a daily pivot point in the H1 time frame. The pair has already formed minor resistance at 0.6730 and the strong resistance is seen at the level of 0.3673 because it represents the daily resistance 1. So, major resistance is seen at 0.3673, while immediate support is found at 0.6674. If the pair closes below the daily pivot point of 0.6713, the NZD/USD pair may resume it movement to 0.6674 to test the double bottom. From this point, we expect the NZD/USD pair to move between the levels of 0.6730 and 0.6674 in coming hours. Equally important, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100. As a result, sell below the daily pivot point of 0.6713 with targets at 0.6674. If the NZD/USD/CHF pair succeed to break out through the bottom level of 0.6674; the market will decline further to the level of 0.6653(daily support 2). However, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last bullish wave at the level of 0.6773.
