Overview:
- The trend of the NZD/USD pair movement was controversial as it took place in a downtrend channel. Amid the previous events, the price is still moving between the levels of 0.7129 and 0.6942. Also, the daily resistance and support are seen at the levels of 0.7129 and 0.6942 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel is completed on the H4 chart. The market moved from its bottom at 0.7072 and continued to fall towards the top of 0.7020. Today, the current rise will probably remain within a framework of correction around the area of 0.7072 or 0.7100. However, if the pair fails to pass through the level of 0.7072 or 0.7100, the market will indicate a bearish opportunity below the strong resistance level of 0.7072 or 0.7100 (the level of 0.7072 coincides with the ratio of the 38.2% Fibonacci Expansion). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.7072 or 0.7100 with the first target at 0.7000. If the trend breaks the support level of 0.7000, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6942 in order to form a new double bottom.
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