- The NZD/USD pair didn’t make significant movement yesterday. There are no changes in my technical outlook. The bias remains bullish in nearest term testing 0.6849 or lower.
The NZD/USD pair has fallen from the level of 0.7067 towards 0.6972. Right now, the price is set at 0.6921 to act as a minor support. It should be noted that volatility is very high for that the NZD/USD pair is still moving between 0.7020 and 0.6900 in coming hours.
- Furthermore, the price has been set below the strong resistance at the levels of 0.7020 and 0.7067, which coincides with the 23.6% Fibonacci retracement level. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the NZD/USD pair is continuing in a bearish trend from the new resistance of 0.7067. Thereupon, the price spot of 0.7067 remains a significant resistance zone.
Therefore, a possibility that the NZD/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.7067, sell below 0.7067 or 0.7021 with the targets at 0.6900 and 0.6849.
However, the stop loss should be located above the level of 0.7067 (the first daily resistance).