NZD/USD is expected to trade with a bearish outlook. The pair has clearly reversed down and is likely to post a new decline. A bearish cross between the 20-period and 50-period moving averages has just been identified, which should confirm a negative outlook. Last but not least, the relative strength index is heading downward, calling for a new pullback.
In which case, as long as 0.6925 holds on the upside, look for the further decline to 0.6870 and 0.6850 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: 0.6945, 0.6970, and 0.7005
Support levels: 0.6870, 0.6850, and 0.6800