- According to previous events, the price has still traded between 0.6966 and 0.7085 in the long term. Sell below the resistance of 0.7050 (61.8% of Fibonacci retracement levels) with a first target of 0.6966 in order to form the double bottom. If the trend will be able to break the double bottom at 0.6966; then it might resume to 0.6930 with a view to form a new top at this level at teh same time frame.
Notes about the NZD/USD pair:
- It should be noted that the market was stable and the trend was clear (downward).
- Expect a range of 85 pips as a downtrend starts from the level of 0.7050.
- A strong support level will be formed at 0.6930 this week.
- The value of 61.8% Fibonacci retracement levels has set at the level of 0.7050. Moreover, this key level confirms the bearish market.
- Stop loss should never exceed your maximum exposure amounts.
- Volatility is 281.74; so the market has called for a high volatility.