Overview:
- The NZD/USD pair continues to move downwards from the areas of 0.6988 and 0.7003. Yesterday, the pair dropped from the level of 0.7003 to 0.6969 (narrow range). Today, resistance is seen at the levels of 0.6988 and 0.7018. So, we expect the price to set below the strong resistance at the levels of 0.6988 or/and 0.7018; because the price is in a bearish channel now. Amid the previous events, the price is still moving between the levels of 0.7018 and 0.6900. Overall, we still prefer the bearish scenario as long as the price is below the level of 0.7018. In other words, sell orders are recommended below the spot of 0.7018. Then, the pair is likely to begin a descending movement to 0.6939. The level of 0.6939 will act as strong support, and the double bottom is already set at 0.6939. The market will continue further to the 0.6900 level (new double bottom). On the other hand, the daily strong resistance is seen at 0.7018. If the NZD/USD pair is able to break out from the level of 0.7018, the market will rise further to 0.7067.
from www.instaforex.com
