- NZD/USD fell from 0.6667 level and tested support at 0.6618 (23.6% Retracement Level), in the early US session.
- Short rally around 0.6665 should be taken as advantage for selling opportunities, As NZD dollar is weak against the dollar in the short term.
- The pair is currently trading at 0.6650 level, it is expected decline further towards 0.6600 and 0.6550 in the short term.
- To the upside, the strong resistance sits near 0.6710 (61.8% Retracement level), a break above this level would take it to upside to next resistance level at 0.6750 handle.
- To the downside immediate support level can be seen at 0.6618, a break below will open the door towards 0.6560 level.
Recommendation: Go short below 0.6670, targets 0.6620, 0.6580, SL 0.6730
Resistance Levels
R1: 0.6653 (38.2% Retracement Level)
R2: 0.6682
R3: 0.6711 (61.8 % Retracement Level of 0.6800 to 0.6561)
Support Levels
S1: 0.6618
S2: 0.6600
S3: 0.6561
The material has been provided by InstaForex Company – www.instaforex.com