FX.co ★ Technical analysis of NZD/USD for September 29, 2016

Overview:

• The NZD/USD continued its bearish momentum having bottomed at 0.7230 yesterday. The bias remains bearish in the nearest term testing 0.7220. Immediate resistance is seen around 0.7323. A clear break above that area may lead the price to neutral zone in the nearest term testing 0.7323 but any upside pullback now is normal, and we remain bearish. The NZD/USD pair continues to move downwards from the level of 0.7320. Yesterday, the pair dropped from the level of 0.7320 to the bottom around 0.7230. Today, the first resistance level is seen at 0.7320 followed by 0.7393, while daily support 1 is found at 0.7223. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.7323 towards the first support level at 0.7220 in order to test it. If the pair succeeds to pass through the level of 0.7220, the market will indicate a bearish opportunity below the level of 0.7161. On the other hand, if a breakout happens at the resistance level of 0.7393, then this scenario may be invalidated.