Overview:
- There are no changes in my technical outlook. The bias remains bearish in the nearest term testing 0.7553 or lower. The NZD/USD pair faces resistance at 0.7362, while strong resistance is seen at 0.7480. Support is found at 0.7279 and 0.7216 levels. Today, the NZD/USD pair continues to move downwards from 0.7362 levels. The pair could fall from 0.7362 levels to the first support around 0.7279. If the NZD/USD pair breaks support at 0.7279, this level will turn into resistance today. On the H1 time frame, the 0.7279 level is expected to act as minor resistance. Hence, we expect the NZD/USD pair to continue moving in the bearish trend from 0.7362 levels towards the target at 0.7278. In the short term, if the pair succeeds in passing through 0.7278 levels, the market will indicate the bearish opportunity below 0.7278 levels in order to reach the second target at 0.7216. However, the 0.7278-0.7216 marks remain a significant support zone. Thus, the trend will probably rebound again from 0.7216 levels as long as this level is not breached. In overall, we still prefer the bullish scenario below the area of 0.7362.
