NZD/USD is expected to trade with bearish outlook as key resistance lies at 0.7205. Although the pair posted a rebound, the upside potential should be limited by the key resistance at 0.7205. Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
Therefore, as long as 0.7205 is not surpassed, look for a new test with targets at 0.7145 and 0.7120 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: 0.7225, 0.7240, and 0.7260
Support levels: 0.7145, 0.7120, and 0.7070
