FX.co ★ Technical analysis of NZD/USD for January 08, 2016

Overview:

• The NZD/USD pair was calling for the bearish market from the level of 0.6707 since yesterday. The level of 0.6707 is representing resistance 1.
• As it is known, history will probably repeat itself at this level again.
• Therefore, it will be a good sign to sell below 0.6707 with the first target of 0.6601 (the daily pivot point). It will call for uptrend in order to continue its bearish movement towards 0.6534.
• Stop loss should never exceed your maximum exposure amounts. Consequently, the stop loss should be placed above the double top at the price of 0.6725.

Notes:

• Strong resistance will be set at the level of 0.6707.
• The double top is going to set at 0.6725 level.
• The price hit the weekly pivot point and the support 1 yesterday.
• We expect a range of 71 pips today.
• The daily pivot point (0.6601) represents the key level this week.