NZD/USD is under pressure and expected to trade in a lower range. The pair remains under pressure below its negative trend line, and is expected to post new weaknesses towards 0.6815. The key resistance at 0.6870 also maintains the selling pressure on the prices. Last but not least, the relative strength index is turning down, calling for further decline.
In conclusion, as long as 0.6870 holds on the upside, look for a new pullback to 0.6815 and 0.6790 in extension.
The black line shows 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: 0.6890, 0.6915, and 0.6950
Support levels: 0.6815, 0.6790, and 0.6770
The material has been provided by InstaForex Company – www.instaforex.com