Overview:
- The NZD/USD pair fell from the level of 0.7075 towards 0.6946. The trend is still set below the 0.7075 level since last week.
- The resistance of the NZD/USD pair is seen at the levels of 0.7004 and 0.7075.
- It should be noted that volatility is very low for that the NZD/USD pair is still moving in a narrow sideways channel.
- The price spot of 0.7004 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.
- In order to indicate the bearish opportunity below 0.7004, sell below 0.7004 with the first target at 0.6969 in order to test last week's bottom. Besides, it should be noted that support 1 is seen at the level of 0.6969 which coincides with the double bottom in the one-hour time frame.
- If the NZD/USD pair is able to break out the bottom at 0.6969, the market will decline further to 0.6825 in order to test the weekly support 2.
- On the other hand, the stop loss should be placed above the level of 0.7075.
