- The NZD/USD pair continues to move downwards from the level of 0.6881. Yesterday, the pair dropped from the level of 0.6881 (this level of 0.6881 coincides with the double top) to the bottom around 0.6830.
Today, the first resistance level is seen at 0.6881 followed by 0.6909, while daily support 1 is found at 0.6819.
Also, the level of 0.6843 represents a daily pivot point for that it is acting as major resistance/support this week.
Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.6862 towards the first support level at 0.6819 in order to test it.
If the pair succeeds to pass through the level of 0.6819, the market will indicate a bearish opportunity below the level of 0.6819 towards the next targets of 0.6799 and 0.6780.
However, if a breakout happens at the resistance level of 0.6909, then this scenario may be invalidated.
The material has been provided by InstaForex Company – www.instaforex.com