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NZD/USD is expected to trade in lower range as it is Capped by a negative trend line. The technical picture of NZD/USD is bearish below a declining trend line, which emerged on Nov 15. The relative strength index is below its neutrality level at 50 and lacks upward momentum. Additionally, 0.7140 is playing a key resistance role, which should limit the upside potential. As long as this key level holds on the upside, look for a further drop toward 0.7065 and even 0.7020 in extension.
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 0.7065. A break below this target will move the pair further downwards to 0.7020. The pivot point stands at 0.7140. 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 0.7180 and the second one at 0.7230.
Resistance levels: 0.7180, 0.7230, 0.7300
Support levels: 0.7065, 0.7020, 0.6960
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