NZD/USD may fall 21 - 31 pips

Our pivot point is at 0.5971.

Our preference

Target 0.5922.

Alternative scenario

Above 0.5971, look for 0.5988 and 0.5998.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.5952 and 0.5952).

Supports and resistances

0.5998 **

0.5988 *

0.5971 **

0.5965

0.5953 last

0.5932

0.5922 **

0.5912 *

0.5902 **

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