NZD/USD may fall 27 - 38 pips

0.6087 is our pivot point.

Our preference

Under pressure below 0.6087.

Alternative scenario

Above 0.6087, look for 0.6105 and 0.6115.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 0.6073 and 0.6054). Finally, the NZD/USD has penetrated its lower Bollinger band (0.6051).

Supports and resistances

0.6115 **

0.6105 *

0.6087 **

0.6081

0.6029 last

0.6002

0.5991 **

0.5981 *

0.5971 **

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