Technical outlook:
NZDUSD is seen to be dropping from 0.6750 levels as seen here. The single currency pair has been clearly trading inside the sell zone of both trend lines and we need to see a clear break above the immediate resistance line to confirm that a potential bullish reversal could be underway. Immediate short-term price resistance is seen around 0.6350 levels for now and a break above that should be encouraging for bulls. Going further, a break above 0.6750 would confirm a bullish reversal and it could be a safe trading strategy to remain flat for now. Besides, note that the 4H RSI has been showing bullish divergence for long and it is just a matter of time before bulls are back in control. Traders should be prepared to buy after a break above 0.6350 levels with a stop below the swing low (0.6230) for now.
Trading plan
Remain fat for now and buy on a break above 0.6350.
Good luck!
