Overview:
- TThe NZD/USD pair faced resistance at 0.6850, while strong resistance is seen at 0.6893. Support is found at the 0.6770 and 0.6730 levels. Today, the NZD/USD pair continues moving downwards from the 0.6850 level. So, the 0.6850 level is expected to act as minor resistance. Moreover, the 0.6850 - 0.6893 mark remains a significant resistance zone. Thus, the trend will probably rebound again from the 0.6850 level as long as this level is not breached. Hence, we expect the NZD/USD pair to continue moving in the bearish trend from the 0.6850 level towards the target at 0.6773. In the long term, if the pair succeeds in passing through the 0.6773 level, the market will indicate the bearish opportunity below 0.6773 level in order to reach the second target at 0.6730 in the H4 time frame. On the other hand, if the NZD/USD pair fails to rebound from the area of 0.6850 - 0.6893, the market will move upwards continuing the development of the bullish trend to the level of 0.6938 (double top). But in overall, we still prefer the bearish scenario.
