Our all downside targets which we predicted in the previous analysis have been hit. NZD/USD is still expected to trade with a bearish outlook. The pair is facing the challenge of its nearest resistance at 0.6945. The upward potential is likely to be limited by this key level. Furthermore, the process of lower highs and lows remains intact on the prices, which should confirm a negative outlook. Therefore, as long as 0.6945 holds on the upside, look for a new pullback to 0.6890 and 0.6870 in extension.
Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7000, 0.7025, and 0.7050
Support levels: 0.6920, 0.6900, and 0.6850