Yesterday, the NZD/USD pair opened below the weekly pivot point (0.7110). The major resistance is seen at the point of 0.7110. It continued to move downwards from the level of 0.7110 to the bottom around 0.7072. Today, the first resistance level is seen at 0.7148 followed by 0.7195, while daily support 1 is seen at 0.7072. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 0.7110. So it will be good to sell at 0.7110 with the first target of 0.7072. It will also call for a downtrend in order to continue towards 0.7026. According to the previous events, we expect the NZD/USD pair to trade between 0.7110 and 0.7026 in coming hours. The price area of 0.7148 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.7148 is not broken. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the resistance level of 0.7148, then a stop loss should be placed at 0.7195.
The material has been provided by InstaForex Company - www.instaforex.com
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