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08.01.201601:41 Forex Analysis & Reviews: Technical analysis of NZD/USD for January 08, 2016

Long-term review

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Overview:

The NZD/USD pair was calling for the bearish market from the level of 0.6707 since yesterday. The level of 0.6707 is representing resistance 1.
As it is known, history will probably repeat itself at this level again.
Therefore, it will be a good sign to sell below 0.6707 with the first target of 0.6601 (the daily pivot point). It will call for uptrend in order to continue its bearish movement towards 0.6534.
Stop loss should never exceed your maximum exposure amounts. Consequently, the stop loss should be placed above the double top at the price of 0.6725.

Notes:

Strong resistance will be set at the level of 0.6707.
The double top is going to set at 0.6725 level.
The price hit the weekly pivot point and the support 1 yesterday.
We expect a range of 71 pips today.
The daily pivot point (0.6601) represents the key level this week.

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