Overview:
- The NZD/USD pair continues moving downwards from the level of 0.6845. Yesterday, the pair dropped from the level of 0.6845 (this level of 0.6845 coincides with a minor resistance) to the bottom around 0.6800. Today, the first resistance level is seen at 0.6845 followed by 0.6860, while daily support 1 is found at 0.6723. So, the pair is trading below its resistance. It is likely to trade in a lower range as long as it remains below the level of 0.6845. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from a new resistance line of 0.6845 towards the first support level at 0.6723 in order to test it. In the hourly time frame: if the pair succeeds to pass through the level of 0.6723 the market will indicate a bearish opportunity below the level of 0.6723. In other words, sell orders are recommended below the spot of 0.6845 with the first target at the level of 0.6723; and continue towards 0.6667. However, if the NZD/USD pair fails to break through the resistance level of 0.6860 today, the market will rise further to 0.6964 so as to retest the double top.
