FX.co ★ Technical analysis of NZD/USD for May 20, 2015

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.