Overview:
- The support level for the NZD/USD pair is seen at 0.7261. The pair has formed a double bottom at 0.7221. According to previous events, the double bottom is also coinciding with the major support this week. Additionally, the RSI is still calling for a strong bullish market as well as the current price is also above the support levels of 0.7261 and 0.7221. It will be advantageous to buy above the support area of 0.7261 with the first target at 0.7312 so as to test the double top in the H1 chart. Additionally, if the pair breaks the price of 0.9787, then it will continue towards 0.7350 with a view to test the weekly resistance 1. However, the stop loss has always been taken into account. Thus, it will be useful to set it below the support at the level of 0.7350. Also, it should be noticed that the stop loss should never exceed your maximum exposure amounts.
Intraday key levels:
- Resistance 2: 0.7350
- Resistance 1: 0.7312
- Pivot Point: 0.7284
- Support 1: 0.7261
- Support 2: 0.7221
