Overview:
- According to the previous events, the NZD/USD pair is still moving between the levels of 0.6840 and 0.6723; for that we expect a range of 117 pips (0.6840 - 0.6723). Today, the first resistance level is seen at 0.6840 followed by 0.6902, while daily support 1 is found at 0.6723. So, the pair is trading below its resistance (0.6840). It is likely to trade in a lower range as long as it remains below the resistance (0.6840). Moreover, the price spot of 0.6840 - 0.6850 remains a significant resistance zone. Therefore, there is a possibility that the NZD/USD pair will move downside and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 0.6850, sell below 0.6840 or 0.6850 with the first target at 0.6763 in order to test yesterday's bottom. Additionally, if the NZD/USD pair is able to break out the bottom at 0.6763, the market will decline further to 0.6723 so as to test the weekly support 1. On the other hand, the trend is still bearish as long as the level of 0.6840 is not breached.
