- The NZD/USD pair has faced strong resistances at the levels of 0.7187 because support had become resistance last week. So, the strong resistance has already formed at the level of 0.7187 and the pair is likely to try to approach it in order to test it again. Also, it should be noted that the level of 0.7187 coincides with 50% of Fibonacci, which is expected to act as major resistance today. Since the trend is below the 50% Fibonacci levels, the market is still in a downtrend.
However, if the pair fails to pass through the level of 0.7187, the market will indicate a bearish opportunity below the new strong resistance level of 0.7187. Moreover, the RSI starts signaling a downward trend. Thus, the market is indicating a bearish opportunity below 0.7187 so it will be good to sell at 0.7187 with the first target of 0.7073. It will also call for a downtrend in order to continue towards 0.7021. The daily strong support is seen at the levels of 0.7073 and 0.7021. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.7205.
The material has been provided by InstaForex Company – www.instaforex.com
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