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All our targets which we predicted in Yesterday's analysis has been hit. NZD/USD is still under pressure and expected to trade with a bearish outlook. Although the pair broke above its 20-period and 50-period moving averages, it is still trading below the key resistance at 0.7315, which should limit the upside potential. Even though a continuation of technical rebound cannot be ruled out, its extent should be limited.
Therefore, as long as 0.7315 holds on the upside, a further drop to 0.7240 and even to 0.7210 seems more likely to occur.
Chart Explanation:
The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it remains below the pivot point, it will indicate the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7350, 0.7370, and 0.7390
Support levels: 0.7240, 0.7210, and 0.7180
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