Overview:
- The NZD/USD pair faces resistance at 0.7362, while strong resistance is seen at 0.7480. Support is found at 0.7279 and 0.7216 levels.
- Today, the NZD/USD pair continues to move downwards from 0.7362 level. The pair could fall from 0.7362 level to the first support around 0.7279.
- In consequence, if the NZD/USD pair breaks support at 0.7279, this level will turn into resistance today. In the H1 time frame, the 0.7279 level is expected to act as minor resistance.
- Hence, we expect the NZD/USD pair to continue moving in the bearish trend from 0.7362 level towards the target at 0.7278.
- In the short term, if the pair succeeds in passing through 0.7278 level, the market will indicate the bearish opportunity below 0.7278 level in order to reach the second target at 0.7216.
- However, the 0.7278-0.7216 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.7216 level as long as this level is not breached.
- In overall, we still prefer the bullish scenario below the area of 0.7362.
The material has been provided by InstaForex Company – www.instaforex.com
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