- According to the previous events, the NZD/USD pair is moving between the levels of 0.6505 and 0.6610.
- Resistance is seen at the level of 0.6610 providing a clear signal for sell deals with a target at 0.6498.
- However, the stop loss should be placed above the level of 0.6650.
It should note the following important observations:
- The market is going to call for a downtrend.
- The double top is expected at the level of 0.6644.
- The minor support is found at 0.6533.
- The major support has already been found at the level of 0.6498. But the double bottom does not coincide with the major support because it has set at 0.6498.
- The daily pivot point is seen the level of 0.6540.
- We expect a range about 0.6499 and 0.6610 (111 pips) in coming two days. Hence, the risk of 74 pips must make a profit of 111 pips.