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NZD/USD is under pressure. Despite the recent technical rebounds, the pair is still trading below its key resistance at 0.7145, which maintains the strong selling pressure. The downward momentum is further reinforced by the descending 50-period moving average. Besides, the relative strength index is mixed to bearish below its neutrality area at 50. To sum up, as long as 0.7145 is not surpassed, the pair is likely to drop to 0.7035 at first, if breakout, look for further downsides to 0.7000.
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 126.80. A break below this target will move the pair further downwards to 126. The pivot point stands at 130. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 131.00 and the second one at 132.30.
Resistance levels: 0.7175, 0.7200, 0.7250
Support levels: 0.7035, 0.7000, 0.6950
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