- The The NZD/USD pair has rebounded from the minor resistance at the level of 0.6685, and now it is approaching the first support around the area of 0.6590 in order to test it. Moreover, it should be noted that the level of 0.6590 represents the weekly support. Equally important, the weekly pivot point is coinciding with the ratio of 38.2% Fibonacci retracement levels. Consequently, it will probably start downside movement in this area and recover again. Therefore, it will be a good sign to sell at this spot with the first target at 0.6555 (it should be noted that this level will form the weekly support 2) and continue towards 0.6500 to form the double bottom. On the other hand, in case of a break at 0.6690, a good place for stop loss will be above 0.6705. On the contrary, the resistance will be formed at the level of 0.6690. Furthermore, it will be very profitable to buy above this level for retesting this level in the short period. Therefore, buy deals are recommended below 0.6705 with a target at 0.6740.
The material has been provided by InstaForex Company – www.instaforex.com