The strong support will be set at the price of 0.8444 on March 14, 2014. Moreover, the resistance has already set at 0.8624 in H1 chart. So, we expect a range about 75 pips today. According to the previous events, the NZD/USD pair has still been moving between 0.8590 and 0.8520. It should be noted that the key level is set at the level of 0.8624. Equally important, the double top will be formed at the 0.8605 level. As it is know, history will probably repeat itself at this level again. Therefore, it will be a good sign to sell below 0.8624 or 0.8605 with the first target of 0.8540 to test the minor support. It will call for downtrend in order to continue its bearish movement towards 0.8460. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above 0.8624 at the price of 0.8650.
Notes:
Strong support: 0.8444.
Minor resistance: 0.8540
Strong resistance: 0.8624
New range: 75 pips.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Notes:
The material has been provided by InstaForex Company – www.instaforex.com
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