Overview:
- The NZD/USD pair fell from the level of 0.6966 toward 0.6882. Right now, the price is seen at 0.6904. The resistance is seen at the level of 0.6966. Moreover, the price area of 0.6966 remains a significant resistance zone. Therefore, there is a possibility that the NZD/USD pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed downwards. Hence, amid the previous events, the price is still moving between the levels of 0.6966 and 0.6882. If the NZD/USD pair succeed to break through the bottom level of 0.6882 (breakout), the market will decline further to 0.6838 as the first target. This would suggest a bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs. The pair is expected to drop lower toward at least 0.6800. On the contrary, if a breakout takes place at the resistance level of 0.6966, then this scenario may become invalidated.
