Long-term review
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Trading recommendations:
- The NZD/USD pair is in the short term. The price of the NZD/USD pair is going to turn to bearish sentiment from the level of 0.7769 (61.8% of Fibonacci retracement levels). It should be noted that the last top has set at the level of 0.7780. Accordingly, it will be a good sign to sell below 0.7770 with the first target of 0.7735 to test minor support at this price. Also, it will call for downtrend in order to continue its bearish movement towards 0.7709 (38.2% of Fibonacci retracement levels). At the same time, the stop loss should be placed above 0.7770 at the price of 0.7792. Also, the stop loss has set in 22 pips. Hence, the risk of 22 pips should make a profit of 43 pips at least. Equally important, the support will set at the 0.7700 level. Additionally, it should be noticed that the range today will be about 70 pips because we have a low volatility today.
Notes:
- According to the previous events, the NZD/USD pair is going to move between 0.7770 and 0.7705.
- The resistance will be set at the level of 0.7770 and the support has already been placed at the price of 0.77.
- We expect a new range about 70 pips today.
- The key level will set at the level of 0.7735 (daily pivot point).
- The level of 0.7780 is going to represent the double top.
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