NZD/USD is expected to trade with a earish outlook. The pair is under pressure below the key resistance at 0.7225, which should limit the upside potential. Even though a continuation of the rebound cannot be ruled out, its extent should be limited.
To sum up, as long as 0.7225 is not surpassed, look for another drop with targets at 0.7165 and 0.7140 in extension.
The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7245, 0.7260, and 0.7280
Support levels: 0.7165, 0.7140, and 0.7100
