Overview :
- According to the previous events, the NZD/USD pair is still moving between 0.7324 and 0.7214. The strong resistance level will be formed at the level of 0.7324 (this level coincides with the ratio of 11.8% Fibonacci retracement levels in the weekly time frame) providing a clear signal for sell deals with the targets seen at 0.7214 and then at 0.7121 in order to test the double bottom on the same chart. The stop-loss is to be placed above the resistance at the level of 0.7362. On the other hand, the strong support level will be formed at the level of 0.7121 (this level coincides with the ratio of 00% Fibonacci retracement levels) providing a clear signal for buy deals with the target seen at the 0.7200 and 0.7283. Also, it should be noted that if the trend breaks the 0.7283, it will continue towards the weekly resistance 1 at the price of 0.7324 which represents a strong resistance. However, the stop loss should never exceed your maximum exposure amounts. So, it is to be placed below the double bottom at the price of 0.7108.
The material has been provided by InstaForex Company - www.instaforex.com
