- According to the previous events, the NZD/USD pair has still been moving between 0.7900 and 0.8070. It should be noted that the key level is set at the level of 0.7900 which represents the ratio of 23.6% Fibonacci retracement levels in H4 chart. Equally important, the double top will be formed at the 0.8070 level. As it is known, history will probably repeat itself at this level again. Therefore, it will be a good idea to buy above 0.7900 with the first target of 0.8030. It will call for an uptrend in order to continue its bullish movement towards 0.8070. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be set below 0.7900 at the price of 0.7853.
- We expect a new range about 161 pips this week.
- The key level will set at the level of 0.8070.
- The resistance will set at the price of 0.8070.
- It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.
The material has been provided by InstaForex Company – www.instaforex.com