Recommendations:
- According to the previous events, the price of the NZD/USD pair is going to move between the levels of 0.8292 and 0.8344.
- Buy above the price of 0.8292 or 0.8271 which represent the double bottom and support respectively in the long term with the first target at 0.8340. It might resume to 0.8380 if the trend will be able to break the price of 0.8340 in order to test resistance.
- The stop loss should always be in account, thus it will be very profitable to set your stop loss below support 1 at the price of 0.8247.
Observations:
- As it is known, the sellers are asking for a higher price. And the supply zone has been formed between the levels of 0.8380 and 0.8271.
- The double top will set at the level of 0.8390. The minor support is going to set at 0.8292. And this level is going to represent the double bottom.
- The major support had already set at the price of 0.8271. So, the new double bottom also coincides with the major support in coming hours.
- We expect a range of 122 pips this week.
- The key level will set at the level of 0.8330 today
