Overview:
- The NZD/USD pair continues to move downwards from the level of 0.6726. Yesterday, the pair dropped from the level of 0.6726 to the bottom around 0.6636, which coincides with weekly support 1. But the pair has rebounded from the bottom of 0.6636 to close at 0.6664. Today, the first support level is seen at 0.6636, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.6693, which coincides with the 38.2% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the NZD/USD pair is able to break out the first support at 0.6636, the market will decline further to 0.6529 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be profitable to sell below the level of 0.6636 with the first target at 0.6570 and further to 0.6529. However, stop loss is to be placed above the level of 0.6730 (the weekly pivot point is seen at 0.6726).
Daily key levels:
- Major resistance:0.6923
- Minor resistance:0.6833
- Intraday pivot point:0.6726
- Minor support:0.6636
- Major support:0.6529
