Overview:
- The NZD/USD pair opened below the weekly pivot point (0.6632). It continued to move downwards from the level of 0.6632 to the bottom around 0.9598. Today, the first resistance level is seen at 0.6632 followed by 0.6659, while daily support 1 is seen at 0.6571. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 0.6632. So it will be good to sell at 0.6632 with the first target of 0.6571. It will also call for a downtrend in order to continue towards 0.6544. The strong daily support is seen at the 0.6544 level, which represents the double bottom on the H1 chart. According to the previous events, we expect the NZD/USD pair to trade between 0.6632 and 0.6545 in coming hours. The price area of 0.6632 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.6632 is not broken. On the contrary, in case a reversal takes place and the NZD/USD pair breaks through the resistance level of 0.6632, then a stop loss should be placed at 0.6650
