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Downside movement is expected to prevail in NZD/USD. The pair is still trading within an intraday bearish channel and has recorded a succession of lower tops and lower bottoms since September 22, which confirmed a bearish outlook. Meanwhile, the falling 50-period moving average acts as a resistance role, which should continue pushing prices lower. Furthermore, 0.7290 represents a key resistance, and the upside potential should be limited by this level. In these perspectives, as long as 0.7225 is not broken up, the pair is likely to pull back to its next level at 0.72225, and even to 0.7200 as possible.
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7225. A break below this target will move the pair further downwards to 0.7200. The pivot point stands at 0.7290. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.7315 and the second one, at 0.7340.
Resistance levels: 0.7315, 0.7340, 0.7370
Support levels: 0.7225, 0.7200, 0.7175
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