Overview:
- The NZD/USD pair continues to move downwards from the level of 0.7480. Yesterday, the pair dropped from the level of 0.7480 to the bottom around 0.7386. But the pair has not rebounded from the bottom of 0.7386. Today, the first support level is seen at 0.7362, the price is moving in a bearish channel now. Furthermore, the price has set below the strong resistance at the level of 0.7480, which coincides with the 100% Fibonacci retracement level. This resistance has been rejected times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the NZD/USD pair is able to break out the first support at 0.7362, the market will decline further to 0.7279 in order to test the daily support 1. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.7362 with the first target at 0.7279 and further to 0.7216. On the other hand, the price spot of 0.7362 remains a significant support zone. Thus, the trend will probably be rebounded again from this support as long as the level of 0.7362 is not breached. Amid the previous events, the price is still moving between the levels of 0.7362 and 0.7480.
