Long-term review
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The weekly technical levels of NZD/USD.
Trading recommendations:
- The market will turn to bearish sentiment from the level of 0.7895. Moreover, the weekly pivot point of the NZD/USD pair is set at the level of 0.7895 in the short term. Therefore, it will be a good sign to sell below 0. 7895 with the first target of 0.7825. It will call for downtrend in order to continue its bearish movement towards 0.7800 to form a double bottom in the H1 chart. Notwithstanding, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above the weekly pivot point at the price of 0.7916 .
Observations:
- According to the previous events, the NZD/USD pair is going to move between 0.7758 and 0.7895 today.
- It should be noted that the level of 0.7800 represents the double bottom and the weekly pivot point is placed at the price of 0.7895.
- The resistance will be set at the level of 0.7960 this week.
- The support has already been placed at the price of 0.7778.
- We expect a new range about 182 pips this week.
- The key level will be set at the level of 0.7903.
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