Overview:
- The NZD/USD pair dropped sharply from the level of 0.7050 towards 0.6840. Now, the price is set at 0.6884. On the H1 chart, the resistance of the NZD/USD pair is seen at the level of 0.6907 and 0.6948. It should be noted that volatility is very low for that the NZD/USD pair is still moving in a narrow sideways channel (between 0.9694 and 0.6840). Moreover, the price spot of 0.6907 and 0.6948 remains a significant resistance zone.Therefore, there is a possibility that the NZD/USD pair will move downside, and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 0.6907 – 0.6948, sell below 0.6907 or 0.6948 with the first target at 0.6834 in order to test yesterday’s bottom. Additionally, if the NZD/USD pair is able to break out the bottom at 0.6834, the market will decline further to 0.6796 in order to test the weekly support 2. Also, it should be noticed that support 1 is seen at the level of 0.6834 which coincides with the double bottom in the one-hour time frame.
The material has been provided by InstaForex Company – www.instaforex.com
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