Trading recommandations:
- The level of 0.6301 represents the weekly support 1. It should be noted that the weekly support 1 coincides with a ratio of 23.6% Fibonacci retracement levels. So, according to the previous events, the NZD/USD pair will move between 0.6301 and 0.6392 today because the level of 0.6392 represents a minor resistance in the H1 chart. Therefore, buy above 0.6301 in the long term with the first target of 0.6363. It might resume to 0.6392 (if the trend will be able to break the level of 0.6363) in order to test the minor resistance. The stop loss should never exceed your maximum exposure amounts. Thus, it will be quite profitable to set your stop loss at the level of 0.6275. The major support had already set at the price of 0.6273. Moreover, the double bottom also coincides with the major support (0.6269).
Observations:
- The double top will set at the level of 0.6395.
- The minor support is seen at 0.6301 and this level is going to represent the weekly pivot point today.
- The major support had already set at 0.6273. Moreover, the double bottom also coincides with the major support (0.6269).
- We expect a new range of 86 pips today.
