NZD/USD is expected to trade with a bearish outlook. The pair recorded lower tops and lower bottoms since October 16, which confirmed a bearish outlook. The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index calls for a drop.
To conclude, as long as 0.7005 is not surpassed, look for a new test with targets at 0.6930 and 0.6900 in extension.
The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7035, 0.7060, and 0.7095
Support levels: 0.6930, 0.6900, and 0.6865
The material has been provided by InstaForex Company - www.instaforex.com
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