NZD/USD is under pressure. The pair is trading within the bearish channel, which confirms a negative outlook. The declining 20-period and 50-period moving averages play resistance roles and maintain the downside bias. The relative strength index is below its neutrality level at 50.
Therefore, as long as 0.6915 is not surpassed, look for a further drop to 0.6915 and even to 0.6890 in extension.
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6915. A break below this target will move the pair further downwards to 0.6880. The pivot point stands at 0.6990. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.7070 and the second one at 0.7095.
Resistance levels: 0.7015, 0.7045, and 0.7070
Support levels: 0.6915, 0.6890, and 0.6845
The material has been provided by InstaForex Company - www.instaforex.com
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