NZD/USD is expeted to trade mainly with a downside movement. The pair accelerated on the downside after it broke below its 20-period and 50-period moving averages.
The relative strength index is below its neutrality level at 50 and lacks upward momentum. Therefore, as long as 0.7160 holds on the upside, look for a further drop toward 0.7100.
A break below this level would call for a new decline toward 0.7070. 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 0.7100.
A break below this target will move the pair further downwards to 0.7070. The pivot point stands at 0.7160.
In case the price moves in the opposite direction and bounces back from the support level, it will go 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 0.7190 and the second one at 0.7210.
Resistance levels: 0.7190, 0.7210, 0.7225
Support levels: 0.7100, 0.7070, 0.7015
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