NZD/USD is expected to continue its downside movements as the pair is under pressure. Although the pair posted a rebound, it is still trading below the key resistance at 0.7280, which should maintain the selling pressure. The relative strength index is below its neutrality level at 50 and lacks upward momentum.
To sum up, as long as 0.7260 holds on the upside, look for a new test to 0.7190 and even to 0.7150 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which indicates the bullish position. If it remains below the pivot point, it will indicate the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7280, 0.7300, and 0.7325
Support levels: 0.7190, 0.7150, and 0.7100
The material has been provided by InstaForex Company - www.instaforex.com