NZD/USD had
almost reached the resistance at 0.7090, coinciding with (MA)89 on the weekly
time-frame but the pair reversed course only 30 pips lower than that after
forming a double top on the daily time-frame. Currently the pair is testing the
support at 0.6720 and it will likely succeed in breaking below that level.
Should that happen the next major support level is at 0.6420 – 0.6400. On the
other hand, if the pair bounces off the support at 0.6720 I expect a new move
to the upside towards the resistance at the 0.7090 level again. Either way, for
now the sideways consolidation continues and there is no indication it will end
anytime soon.
It seems to have space for further decline.
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