Trading recommendations:
- The key level is set at the level of 0.8779. Moreover, the 0.8779 level is coinciding with the ratio of 100% Fibonacci retracement level on June 20, 2014. Another thought, we expect a range about 55 pips today. Equally important, the resistance has already formed at the 0.8770 level. As it is known, history will probably repeat itself at this level again. So, according to the previous events, the NZD/USD pair has still been moving between 0.8690 and 0.8770. Therefore, it will be a good sign to sell below 0.8779 with the first target of 0.8733. If the trend breaks the daily pivot point, then it will call for downtrend in order to continue its bearish movement towards 0.8690. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above the resistance at the price of 0.8820.
