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The NZD/USD pair had been trapped between the price levels of 0.7170 and 0.7350 until bearish breakdown of 0.7200 occurred on April 23.
The breakdown of 0.7220-0.7170 (neckline zone) was needed to confirm the depicted reversal pattern. Bearish target levels around 0.7050 and 0.7000 have been already achieved.
The price level of 0.7050 was considered to be a key level for the NZD/USD bears. That's why, bearish persistence below 0.7050 allowed further bearish decline to occur towards the price levels around 0.6800.
As anticipated, the recent bullish pullback towards the price level of 0.7050 (Broken Demand-Level) offered a good opportunity for sellers to have a valid SELL entry. It's already running in profits. S/L should be lowered to 0.6800 to secure some profits.
Recently, the price zone of 0.6820-0.6780 was being challenged by the NZD/USD bears. This price zone was considered as a target level for current sellers.
The bearish breakdown of the 0.6820-0.6780 price zone will probably allow further bearish decline towards 0.6700-0.6670 if the current bearish momentum is maintained on a daily basis.
Any bullish pullback above the mentioned zone will probably allow further bullish movement towards 0.6900 and 0.6990.
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