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The NZD/USD pair had been trapped between the price levels of 0.7170 and 0.7350 until the bearish breakdown of 0.7200 occurred on April 23.
Breakdown of 0.7220-0.7170 (neckline zone) was needed to confirm the depicted reversal pattern. Bearish target levels around 0.7050 and 0.7000 have been achieved already.
The price level of 0.7050 was considered a key-level for the NZD/USD bears That's why the bearish persistence below 0.7050 allowed further bearish decline to occur towards the price levels around 0.6800.
As anticipated, the recent bullish pullback towards the price level of 0.7050 (Broken Demand-Level) offered a good opportunity for sellers to have a valid SELL entry. It's already running in profits. S/L should be lowered to 0.6800 to secure some profits.
Recently, the price zone of 0.6820-0.6780 was being challenged by the NZD/USD bears. This price zone was considered as a target level for current sellers.
The current bearish breakdown of the price zone 0.6820-0.6780 allowed bearish decline towards 0.6700-0.6680 where early signs of bullish recovery are being manifested.
The current bullish pullback towards the supply zone (0.6820-0.6780) should be watched for bearish rejection and a valid SELL entry. S/L should be placed above 0.6850.
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