Overview:
- The NZD/USD pair broke the support level and turned to resistance at the same key level (0.6496). So, resistance has already set at the level of 0.6496 and the double top has been set at the same level. Equally important, the trend saw the bearish market and the the price was hovering below the resistance for three days. We expect a range of 115 pips today. As expected, the price is going to move between 0.6496 and 0.6381. Therefore, the NZD/USD pair started showing the signs of a bearish market from the spot of 0.6496. Consequently, the market indicates a bearish opportunity at the level of 0.6496 with the first target at 0.6414, which continues towards the level of 0.6381 with a view to test the double bottom. It should be noted that the level of 0.6381 represents strong support today. Consequently, the pair is going to form strong support at the level of 0.6381. On the other hand, the stop loss should always be taken into account, hence it will be wise to set your stop loss at the level of 0.6535.
Intraday technical levels:
- R3: 0.6584
- R2: 0.6530
- R1: 0.6495
- PP: 0.6451
- S1: 1.0874
- S2: 0.6414
- S3: 0.6381
