Overview:
- The NZD/USD didn't make significant movement yesterday. There are no changes in my technical outlook. The bias remains bearish in nearest term testing 0.6070 or lower. The NZD/USD pair hit the new low at the level of 0.6779. Today, the NZD/USD pair probably will continue to move downwards from the level of 0.6800. Last week, the pair dropped from the level of 0.6800 to the bottom around 0.6779. Today, the first resistance level is seen at 0.6800 followed by 0.6943, while daily support 1 is seen at 0.6779. According to the previous events, the NZD/USD pair is still moving between the levels of 0.6800 and 0.6703; for that, we expect a range of 97 pips (0.6800 - 0.6703). If the NZD/USD pair fails to break through the resistance level of 0.6800, the market will decline further to 0.6779 again. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.6703 with a view to testing the daily pivot point. On the contrary, if a breakout takes place at the resistance level of 0.6943, then this scenario may become invalidated.
