Overview :
- The history will probably repeat itself at this level again. So, according to the previous events, the NZD/USD pair will move between 0.7355 and 0.7495. Additionally, it should be noted that minor support is going to be set at the level of 0.7375. Moreover, the level of 1.2649 represents the pivot point on April 1, 2015. Equally important resistance is likely to be set at 0.9495 and the double top is set at the same level too. Therefore, sell at the price of 0.9495 with the first target at 0.9412, then it will move towards 0.7375 in order to test the first support which coincides with the ratio of 38.2% Fibonacci retracement. On the other hand, if the trend fails to close below weekly support 1 at the level of 0.7375, hence buy above 0.7370 with target at 0.7490 in days to come.
Trading recommendations :
- Resistance will be formed at the level of 0.7495 providing a clear signal for sell deals with the target seen at 0.7380.
- Support will be formed at the level of 0.7375 providing a clear signal for buy deals with the target seen at the 0.7490 level.
- Stop-loss is to be placed below 0.7342.
- Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.
The material has been provided by InstaForex Company - www.instaforex.com
