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NZD/USD is expected to trade with bearish bias. The pair is bearish below its declining 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias. The relative strength index is bearish below its 30% level. Additionally, the pair broke below the lower boundary of the Bollinger Band, which could signal a continuation of bearish trend. As long as 0.7130 holds on the upside, look for a further drop toward 0.7065 and even 0.7045 in extension.
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 0.7065. A break below this target will move the pair further downwards to 0.7045. The pivot point stands at 0.7130. In case the price moves in the opposite direction and bounces back from the support level, it will go 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 0.7150 and the second one at 0.7170.
Resistance levels: 0.7150, 0.7170, 0.7200
Support levels: 0.7065, 0.7045, 0.7000
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