Overview:
- The NZD/USD pair faces resistance at 0.7342, while strong resistance is seen at 0.7400. Support is found at 0.7288 and 0.7245 levels. Today, the NZD/USD pair continues to move downwards from 0.7342 level. The pair could fall from 0.7342 level to the first support around 0.7288. In consequence, if the NZD/USD pair will break support at 0.7288, this level will turn into resistance today. In the H1 time frame, the 0.7288 level is expected to act as minor resistance. Hence, we expect the NZD/USD pair to continue moving in the bearish trend from 0.7288 level towards the target at 0.7342. In the long term, if the pair succeeds in passing through 0.7342 level , the market will indicate the bearish opportunity below 0.7342 level in order to reach the second target at 0.7245. However, the 0.7342-0.7400 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.7400 level as long as this level is not breached. in overall, we still prefer the bullish scenario below the area of 0.7400.
