NZD/USD is expected to trade with bearish outlook. The pair remains under pressure below its nearest key resistance at 0.7360, and is likely to post a new decline to challenge the next support at 0.7270. Both the 20-period and 50-period moving averages are heading downward, and should continue to push the prices lower.
Therefore, as long as 0.7360 is not surpassed, likely decline to 0.7295 and 0.7265 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7390, 0.7410, and 0.7450.
Support levels: 0.7295, 0.7265, and 0.7210.
