NZD/USD is under pressure and expected to continue its downside movement. The pair remains capped by its falling 50-period moving average and is likely to test its next support at 0.7250. The nearest resistance at 0.7290 maintains the strong selling pressure on the prices. Last but not least, the relative strength index is mixed to bearish below its neutrality area at 50.
To sum up, as long as 0.7290 is resistance, look for a new pullback to 0.7220 and 0.7190 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels, while the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7315, 0.7335, and 0.7375.
Support levels: 0.7220, 0.7190, and 0.7150.
The material has been provided by InstaForex Company - www.instaforex.com