Overview:
- The NZD/USD pair is still trading around the spot of 0.6850-0.6900. Today, the level of 0.6944 represents the double top.
- The pair has already formed minor resistance at 0.6895 and the strong resistance is seen at the level of 0.6944 because it represents the weekly resistance 1.
- So, major resistance is seen at 0.6944, while immediate support is found at 0.6831. If the pair hits below the price of 0.6831, the NZD/USD pair may resume its movement to 0.6816 to test the daily support 2.
- The NZD/USD pair to move between the levels of 0.6940 and 0.6816. The RSI is still calling for a strong bearish market. The current price is also below the moving average 100. As a result, sell below the price of 0.6940 with targets at 0.6831 and 0.6816.
- However, stop loss should always be taken into account; accordingly, it will be useful to set the stop loss above the last bullish wave at the level of 0.6960 (major resistance is seen at the price of 0.6944).
