According to previous events, the price has still traded between 0.6966 and 0.7085 in the long term. Sell below the resistance of 0.7050 (61.8% of Fibonacci retracement levels) with a first target of 0.6966 in order to form the double bottom. If the trend will be able to break the double bottom at 0.6966; then it might resume to 0.6930 with a view to form a new top at this level at teh same time frame.
Notes about the NZD/USD pair:
It should be noted that the market was stable and the trend was clear (downward).
Expect a range of 85 pips as a downtrend starts from the level of 0.7050.
A strong support level will be formed at 0.6930 this week.
The value of 61.8% Fibonacci retracement levels has set at the level of 0.7050. Moreover, this key level confirms the bearish market.
Warning:
Stop loss should never exceed your maximum exposure amounts.
Volatility is 281.74; so the market has called for a high volatility.
The material has been provided by InstaForex Company – www.instaforex.com
Trading recommendations:
Sell below the resistance of 0.7050 (61.8% of Fibonacci retracement levels) with a first target of 0.6966 in order to form the double bottom. If the trend will be able to break the double bottom at 0.6966; then it might resume to 0.6930 with a view to form a new top at this level at teh same time frame.
Notes about the NZD/USD pair:
levels has set at the level of 0.7050. Moreover, this key level confirms the
bearish market.
Warning:
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