Weekly Technical Levels:
Tip (s):
R3 and S3 are considered as clear indicators of the maximum range of extreme volatility, although it is possible to pass them through.
Pivot lines work well on the sideways markets, as prices will probably be located between the R1 and S1 lines.
Within a strong trend the price is expected to be lower than the pivot point line and is going to continue the movement.
If the news released affect the market, the price is likely to go straight through R1 or S1 and even reach R2 & R3 or S2 & S3.
Observation (s):
- If the trend is of an upside character, then the strength of the currency will be defined as following: NZD is an uptrend and USD is a downtrend.
- Most of the traders use the Fibonacci retracement to determine accurately the psychological support and resistance levels.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com .
