Trading recommendations:
- According to the previous events, the NZD/USD pair is still moving between 0.7385 and 0.7274, which coincides with the double bottom in the H4 chart.
- Strong resistance will be formed at the level of 0.7385 providing a clear signal for sell deals with the targets seen at 0.7320 and 0.7274.
- In the short term, the strong support level will be formed at 0.7274 providing a clear signal for buy deals with the target seen at the level of 0.7366.
- Stop loss is to be placed below the double bottom today.
Observations:
- The level of 0.7366 represents the daily pivot point.
- The double top will be set at the level of 0.7453.
- We expect a range of 72 pips today. But it should be noted that the risk of 48 pips must make a profit of 72 pips.
- The value of 23.6% Fibonacci retracement levels is 0.7390 (for confirming for the bullish market).
- Please check out the market volatility before investing, because the sight price may have been already reached and scenarios might have become invalidated.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of NZD/USD for May 20, 2015 . Thanks for your support.
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