overview:
- The NZD/USD pair faced resistance at the level of 0.6842, while minor resistance is seen at 0.6825. Support is found at the levels of 0.9794 and 0.9754. Yesterday, the trend rebounded from the resistance of 0.4842 to bottom at 0.6794. Equally important, the NZD/USD pair is still moving around the key level at 0.6794 today. Hence, the NZD/USD pair continues moving downwards from the levels of 0.4842 and 0.6794. In consequence, the level of 0.6842 is expected to act as the major support today. We expect the NZD/USD pair to continue trading in the bearish trend towards the target level of 0.6842 and 0.6794. In the H1 time frame, if the pair succeeds to pass through the level of 0.6794, the market will indicate a bearish opportunity below the level of 0.6794. So, the market will decline further to 0.6754 and 0.6735 to return to the daily support. Moreover, a breakout of that target will move the pair further downwards to 0.6715 in order to test the double bottom. On the other hand, if a breakout happens at the support level of 0.6842, then this scenario may be invalidated.
