The NZD/USD Consolidation Continues

NZD/USD failed to break below the support at 0.6720 and bounced off that support level which is visible on the weekly time-frame. We can likely expect a new move to the upside, towards the previous resistance level at 0.7000 – 0.7030 and a break above that resistance could lead to a further move to the upside towards 0.7080, which is (MA)89 on the weekly time-frame. To the downside the scenario is the same as it was last week – a breakout below 0.6720 would mean a further drop towards 0.6400. The pair is still quite undecided and until this consolidation ends I would not would not recommend opening any long-term positions.