NZD/USD may fall 37 - 55 pips

0.6198 is our pivot point.

Our preference

Target 0.6118.

Alternative scenario

Above 0.6198, look for 0.6228 and 0.6246.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (0.6181) but above its 50 period moving average (0.6171). Finally, the NZD/USD has penetrated its lower Bollinger band (0.6174).

Supports and resistances

0.6246 **

0.6228 *

0.6198 **

0.6186

0.6173 last

0.6136

0.6118 **

0.6100 *

0.6081 **

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