FX.co ★ Technical analysis of NZD/USD for February 24, 2017

Overview:

• The NZD/USD pair continues to move downwards from the level of 0.7220. Currently, the price is seen at 0.7240. Today, the first resistance level is seen at 0.7220 followed by 0.7265 (major resistance), while the daily support 1 is found at 0.7118. Besides, the level of 0.7118 represents a daily pivot point for that it is acting as a key level today. 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 0.7265 towards the first support level at 0.7118 in order to test it. If the pair succeeds to pass through the level of 0.7118, the market will indicate a bearish opportunity below the level of 0.7118 with the second target of 0.7057. However, if a breakout happens at the resistance level of 0.7265, then this scenario may be invalidated.