Overview:
- The NZD/USD pair continues to move downwards from the level of 0.7179. Yesterday, the pair dropped from the level of 0.7235 to the bottom around 0.7130. Now the price is seen at 0.7161. Today, the first resistance level is seen at 0.7179 followed by 0.7265 (major resistance), while daily support 1 is found at 0.7118. Also, the level of 0.7118 represents a daily pivot point for that it is acting as major resistance/support today. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.7179 towards the first support level at 0.7118 in order to test it. If the pair succeeds to pass through the level of 0.7118, the market will indicate a bearish opportunity below the level of 0.7118 with the second target of 0.7057. However, if a breakout happens at the resistance level of 0.7265, then this scenario may be invalidated.
