Overview:
- The NZD/USD pair faces resistance at 0.7329, while strong resistance is seen at 0.7359. Support is found at 0.7264 and 0.7234 levels. Today, the NZD/USD pair continues moving downwards from the 0.7329 level. The pair may fall from 0.7329 level to the first support around 0.7264. Consequently, if the NZD/USD pair breaks support at 0.7264, this level will turn into resistance today. On the H1 time frame, 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 0.7329 level towards the target at 0.7264 and 0.7234. In the short term, if the pair succeeds in passing through the 0.7234 level , the market will indicate the bearish opportunity below 0.7234 level in order to reach the third target at 0.7198. Overall, we still prefer the bearish scenario below the area of 0.7329. However, the 0.7198 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.7198 level as long as this level is not breached.
