NZD/USD may fall 21 - 31 pips

Our pivot point is at 0.5956.

Our preference

Under pressure below 0.5956.

Alternative scenario

The upside breakout of 0.5956, would call for 0.5973 and 0.5983.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 0.5952 and 0.5943). Finally, the NZD/USD has penetrated its lower Bollinger band (0.5943).

Supports and resistances

0.5983 **

0.5973 *

0.5956 **

0.5950

0.5943 last

0.5922

0.5912 **

0.5902 *

0.5892 **

Number of asterisks represents the strength of support and resistance levels.