Overview:
- The strong resistance of the NZD/USD pair is seen at the price of 0.7261. Today resistance is seen at the levels of 0.7323 and 0.7261 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.7323, the market will indicate a bearish opportunity below the level of 0.7323, which coincides with a ratio of 61.8% Fibonacci.
Moreover, the RSI starts signaling a downward trend.
In overall, we still prefer the bearish scenario as long as the price is below the level of 0.7261.
Hence, we should wait until the downtrend channel is complete. Thus, the market is indicating a bearish opportunity below 0.7261, so it will be gainful to sell at 0.7261 with the first target of 0.7175. It will also call for a downtrend in order to continue towards 0.7121 and 0.7077 which represents strong daily support. On the other hand, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.7350.
The material has been provided by InstaForex Company – www.instaforex.com
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