Overview:
- The NZD/USD pair was trading around the area of 0.7155 a day ago. Today, the level of 0.7155 represents the double top in the H1 time frame. The pair has already formed minor resistance at 0.7155 and the strong resistance is seen at the level of 0.7247 because it represents the weekly resistance 1. So, major resistance is seen at 0.7247, while immediate support is found at 0.7068. If the pair closes below the price of 0.7068, the NZD/USD pair may resume its movement to 0.6979 to test the weekly support 1.
- We expect the NZD/USD pair to move between the levels of 0.7155 and 0.6979. Equally important, the RSI is still calling for a strong bearish market. However, the current price is also below the moving average 100. As a result, sell below the double top of 0.7155 with targets at 0.7247 and 0.6979.
- On the other hand, stop loss should always be taken into account; accordingly, it will be good to set the stop loss above the last bullish wave at the level of 0.7247.
