NZD/USD is expected to trade with bearish outlook. The pair resumed its down trend after a limited consolidation. The falling 50-period moving average acts as a strong resistance and should continue to push the prices lower. Besides, the relative strength index remains weak below its neutrality area at 50.
Therefore, as long as 0.6860 is not surpassed, the pair is likely to decline to 0.6815 and 0.6790 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which is the signal for 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