Overview:
- The NZD/USD pair is trading in a narrow sideways channel, and the market showed signs of instability. Amid the previous events, the price is still trapped between the levels of 0.7050 and 0.7140. In the H1 time frame, resistance and support are seen at the levels of 0.7050 and 0.7140 respectively. In addition, the double top is already set at the point of 0.7131. Therefore, it is recommended to be careful while placing orders in this zone. Consequently, we need to wait until the sideways channel becomes completed. The current price is seen at 0.7119, which represents a key level, because the level of 0.7131 will act as the first resistance today. Hence, if the pair fails to pass through the level of 0.7131, the market will indicate a bearish opportunity below the resistance level of 0.7131. As a result, sell deals are recommended below the level of 0.7131 with the first target at 0.7050. If the trend breaks the support level of 0.7050, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6973 in order to form a new double bottom in the same time frame.
Intraday technical levels:
- R3: 0.7225
- R2: 0.7180
- R1: 0.7149
- PP: 0.7104
- S1: 0.7073
- S2: 0.7028
- S3: 0.6997
