Overview:
- The NZD/USD pair sharply rose from the level of 0.6723 towards 0.6790. Now, the price is set at 0.6779. The resistance is seen at the level of 0.6820. Moreover, the price area of 0.6820 – 0.6815 remains a significant resistance zone. So, if the trend is able to break out through the first resistance level at 0.6790 (yesterday’s top), we should see the pair climbing towards the double top (0.6820) to test it. Therefore, buy above the level of 0.6790 with the first target at 0.6820 in order to test the daily resistance 1. Also, it might be noted that the level of 0.6820 is a good place to take profit.
- On the other hand, if the pair fails to pass through the level of 0.6820, the market will indicate a bearish opportunity below the strong resistance level of 0.6820.
- Sell deals are recommended below the level of 0.6820 with the first target at 0.6765. If the trend breaks the support level of 0.6765, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6723.
Comment:
- Amid the previous events, we expect the pair to move between 0.6820 and 0.6723 (around 97 pips).
The material has been provided by InstaForex Company – www.instaforex.com
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