Overview:
- The NZD/USD pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 0.7203 and 0.7313. Also, the daily resistance and support are seen at the levels of 0.7245 and 0.7203 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. This week, the market moved from its bottom at 0.7204 and continued to rise towards the top of 0.7271. Today, in the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 0.7291, the market will indicate a bearish opportunity below the strong resistance level of 0.7291 (the level of 0.7291 coincides with the double top too). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.7291 with the first target at 0.7245. If the trend breaks the support level of 0.7245, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.7203 in order to test the double bottom in the H1 time frame.
