Overview:
- The NZD/USD pair faces resistance at 0.7329, while strong resistance is seen at 0.7359. Support is found at 0.7293 and 0.7236 levels. Today, the NZD/USD pair continues to move downwards from 0.7359 level. The pair fell from 0.7359 level. In consequence, the NZD/USD pair broke support at 0.7359 which turned into resistance. The 0.7329 level is expected to act as minor resistance. Hence, we expect the NZD/USD pair to continue moving in the bearish trend from 0.7359 level towards the target at 0.7293. In the long term, if the pair succeeds in passing through 0.7293 level , the market will indicate the bearish opportunity below 0.7293 level in order to reach the second target at 0.7236 (double bottom) in the H1 time frame. However, the 0.7236 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.7236 level as long as this level is not breached. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7236 and 0.7359; for that we expect a range of 123 pips in coming hours.
