Overview:
- On the H1 chart, the NZD/USD continued its bearish momentum having bottomed at 0.7230 yesterday. There are no changes to my technical outlook. The bias remains bearish in the nearest term testing 0.7161 or lower. Immediate resistance is seen around 0.7323. A clear break above that area may lead the price to the neutral zone in the nearest term testing 0.7323, but any upside pullback now is normal, and we remain bearish. The NZD/USD pair continues to move downwards from the level of 0.7320. Yesterday, the pair dropped from the level of 0.7320 to the bottom around 0.7230. Today, the first resistance level is seen at 0.7320 followed by 0.7393, while daily support 1 is found at 0.7223. Amid the previous events, the pair is still in a downtrend, as it is moving from the new resistance line of 0.7323 towards the first support level at 0.7220 in order to test it. If the pair succeeds in passing through the level of 0.7220, the market will indicate a bearish opportunity below the level of 0.7161. On the other hand, stop loss is to be placed above the level of 0.7410.
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