- The NZD/USD pair has dropped sharply from the level of 0.6845 towards 0.6770. Now, the price is set at 0.6770 to act as a daily pivot point. It should be noted that volatility is very high for that the NZD/USD pair is still moving between 0.6845 and 0.6723 in coming hours.
- Furthermore, the price has been set below the strong resistance at the levels of 0.6852 and 0.6816, which coincides with the 61.8% and 50% Fibonacci retracement level, respectively.
- Additionally, the price is in a bearish channel now.
- Therefore, the price spot of 0.6852 and 0.6816 remains a significant resistance zone. Hence, a possibility that the NZD/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.6816, sell below 0.6816 or 0.6780 with the first target at 0.6723.
- If the trend is able to break the first support at the level of 0.6723, then the market will continue falling towards the level of 0.6667 so as to test the double bottom.