Technical analysis of the NZD/USD pair.
- Resistance: 0.8625 (sell below this level).
- Support: 0.8520 (buy above this level for retesting this level for a short period).
- Trend: downtrend in tha H1 chart.
- We expect a daily range of 76 pips and the weekly will be about 153 pips.
- Weekly pivot point: 0.8623
Trading recommendations:
- According to the previous events, the price is still below the weekly pivot point. Subsequently, the descending movement will probably be lower than the 0.8625 level with the first targets at 0.8550 in order to test the weekly support 1 and it is going to continue towards the double bottom at 0.8514. However, the stop loss should always be in the account for that it will be very useful to set your stop loss at the price of 0.8660.
Intraday Technical Levels:
- Projected high: 0.8675
- Strong resistance (sell limit): 0.8630
- Current pivot: 0.8585
- Strong support (buy limit): 0.8523
- Projected low: 0.8510
