Overview:
- The NZD/USD is still trading around the spot of 0.7004. Thus, the NZD/USD pair did not make any significant movements yesterday. There are no changes in our technical outlook. The pair has already formed minor resistance at 0.7004 and the strong resistance is seen at the level of 0.7075 because it represents the weekly resistance 1. Moreover, the NZD/USD pair is still moving around the zone of 0.7075 (major resistance). So, major resistance is seen at 0.7075, while immediate support is found at 0.6946. If the pair closes below the price of 0.6946, the NZD/USD pair may resume its movement to 0.6850 to test the daily support 2. The NZD/USD pair is expected to trade between the levels of 0.7004 and 0.6850. The RSI is still calling for a strong bearish market since two weeks. The current price is also below the moving average 100. As a result, sell trades are recommended below the double top of 0.7004 with targets at 0.6869 and 0.6850. However, stop loss should always be taken into account; accordingly, it will be useful to set the stop loss above the last bullish wave at the level of 0.7075. Additionally, the pair will probably decline because the downward trend is still strong.
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