NZD/USD testing major resistance, remain bearish for a further drop

The price continues to test our major resistance level. We remain bearish looking to sell below 0.7459 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to at least 0.7333 support (Fibonacci extension, horizontal swing low support).

RSI (34) sees intermediate resistance at 49% which continues to hold it down.

Correlation analysis: We are expecting commodities weakness with AUD/USD and NZD/USD both expecting drops.

Sell below 0.7459. Stop loss is at 0.7500. Take profit is at 0.7333.


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