Overview:
- The NZD/USD pair continues moving downwards from the level of 0.6845. Yesterday, the pair dropped from the level of 0.6852 (this level of 0.6852 coincides with the ratio of 61.8% Fibonacci retracement levels) to the bottom around 0.6758. The current price is seen at 0.6790. Today, the first resistance level is seen at 0.6845 followed by 0.6852, while daily support 1 is found at 0.6723. Currently, the price is moving in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bearish trending market. The price is still below the moving average (100) and (50). From this point, if the pair keeps trading below the minor support (0.6845), the price will fall into the bearish market in order to continue further towards the strong support at 0.6723. Also, the double bottom is seen at the level of 0.6758. If the trend is buoyant, then the currency pair strength will be defined as following: NZD is in an uptrend and USD is in a downtrend.
Trading recommandations:
- The resistance is seen at the level of 0.6845. Moreover, the market is still in a downtrend. We still prefer a bearish scenario. Then, sell deals are recommended below the level of 0.6845 with the first target at 0.6758. If the trend breaks the support level of 0.6758, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6758.
