NZD/USD is expected to trade with a bearish outlook. Although the pair posted a rebound from 0.7185 (the low of September 6), it is still trading below the declining 50-period moving average. The upside potential should be limited by the key resistance at 0.7225.
Hence, as long as this key level is not surpassed, look for a further drop to 0.7180 and even to 0.7155 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which indicates the bullish position. If it remains below the pivot point, it will indicate the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7240, 0.7265, and 0.7300
Support levels: 0.7180, 0.7130, and 0.7085