Long-term review
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Overview:
- · The psychological price of the NZD/USD pair is seen at the level of 0.7400 today, and it is going to act as a daily pivot point. Moreover, the NZD/USD pair has formed a support at the level of 0.7343 and the area of 0.7305 is probably going to compose a double bottom. Hence the price of 0.7310 will form the last bearish wave and will act as a strong support for that. It should be noted that the market was so stable and the trend was also so clear since yesterday (uptrend), so it will be a good sign to buy above the level of 0.7310 with the first target at 0.7449 and further at 0.7533, which coincides with the ratio of 50% of Fibonacci retracement levels. The level of 0.7533 will act as a strong resistance today. It is likely to be a good place to take profit below the 0.7533 level. Therefore, the strong resistance will set at 0.7533 and minor support has already placed at the price of 0.7343. On the other hand, if reversal takes place and the NZD/USD pair breaks through the support at the level of 0.7308, then the market will lead to further decline towards the 0.7263 level. Also, it should be noted that we expect a range of 99 pips as uptrend from the level of 0.7350 towards the 0.7449.
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