Overview:
- The NZD/USD pair has been showing a downward trend. Additionally, the price is still being trapped between 0.6664 and 0.6431 (weekly range). So, it makes sense to be neutral on this spot. Equally important, support was found at the level of 0.6431 and minor support at 0.6545 yesterday. As it is known, sellers are asking a higher price. Accordingly, the price of the NZD/USD pair will give a good sign to sell below 0.6601 with a target at 0.6484. Also, if the trend is able to break the level of 0.6484, hence it might resume at 0.6431 with a view to test the double bottom. However, if the trend fails to close below the strong support (0.6431), the market will indicate a bullish opportunity above 0.6431. Thereupon, the level of 0.6431 is going to act as strong support. Therefore, it will be a good sign to buy above this level later. But the stop loss should be placed below 0.6395 at the level of 0.8035.
Intraday trading recommendations:
- According to the previous events, the price of NZD/USD pair has still been trapped between 0.6609 and 0.6431.
- If the pair will not be able to break out the resistances of 0.6609 and 0.6664, it should be sold below 0.6609 and 0.6664 with a target at 0.6490. Moreover, if a breakout could happen at the minor support (0.6487), then the market will continue towards 0.6431.
