Overview:
- The NZD/USD pair continues to trade downwards from the spot of 0.6988. The market is still moving around 0.6969. Today, resistance is seen at the levels of 0.6988 and 0.7018. So, we expect the pair to set below the strong resistance at the levels of 0.6988 or/and 0.7018 because the price is in a bearish channel now. Amid the previous events, the price is still trading between the levels of 0.7018 and 0.6900. We prefer the bearish scenario as long as the price is below the level of 0.7018. In other words, sell orders are recommended below the spot of 0.7018. Then, the pair is likely to begin a descending movement to 0.6939. The level of 0.6939 will act as a strong support, and the double bottom is already set at this level. The market will continue to move further to the 0.6900 level. On the other hand, the daily strong resistance is seen at 0.7018. If the NZD/USD pair is able to break out from the level of 0.7018, the market will rise further to 0.7067.
