Overview :
- The price of NZD/USD pair has set below the double top (0.8450) since yesterday. Also, it should be noted that the price has formed a strong resistance level of 0.8450. Furthermore, this strong level has still been moving between 100% of Fibonacci retracement levels and 127.2% in H4 chart. Additionally, the NZD/USD pair has fallen from the level of 0.8450 (break) extended further to as low as 0.8390 today. Hence, the market is likely to start showing signs of a bearish bias again in order to indicate a bearish opportunity from the level of 0.8390 to 0.8450 with targets towards strong support around 0.8316. Meanwhile, the bears were forced to pull back at the level of this area. Therefore, this level will form strong support at 0.8315 in order to indicate a bullish opportunity above support. So, it will be a good sign to buy in the short term above the price of 0.8315 with the first target at 0.8426 in order to test the minor resistance and it might resume to the 0.8450 price.
The material has been provided by InstaForex Company - www.instaforex.com
