Overview:
- The NZD/USD pair dropped strongly from the level of 0.9908 towards 0.6720. On the H4 chart, the resistance is seen at the levels of 0.6720 and 0.6818. So, the price spot of 0.6720 - 0.6818 remains a significant resistance zone today. 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 0.6720 - 0.6818, sell below 0.6630 with the first target at 0.9694 in order to test yesterday's bottom. Additionally, if the NZD/USD pair is able to break out the bottom at 0.6630, the market will decline further to 0.6585 in order to test the daily support 1. Also, it should be noticed that support 2 is seen at the level of 0.6528 which coincides the ratio of 38.2% Fibonacci retracement. At the same time, if a breakout happens at the resistance levels of 0.6720 and 0.6818, then this scenario may be invalidated. But in overall, we still prefer the bearish scenario.
Daily key levels:
- Major resistance:0.6818
- Minor resistance:0.6720
- Intraday pivot point:0.6652
- Minor support:0.6585
- Major support:0.6525
