Overview:
- Today, the NZD/USD pair is set below the strong resistance at the levels of 0.7045 and 0.7090; because the price is in a bearish channel now. The RSI starts signaling a downward trend. Consequently, the market is likely to show signs of a bearish trend. In the H4 time frame, the first resistance level is seen at 0.7045 followed by 0.7090. So, it will be good to sell below the level of 0.7045 with the first target at 0.6964 and further to 0.6904 in order to test the daily support. If the NZD/USD pair is able to break out the daily support at 0.6904, the market will decline further to 0.6850 to approach support 2 today. However, the price spot of 0.7045 and 0.7090 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.7090 is not breached.
Daily technical levels:
- R3: 0.7147
- R2: 0.7090
- R1: 0.7045
- PP: 0.6964
- S1: 0.6907
- S2: 0.6850
- S3: 0.6780
