NZD/USD may fall 28 - 40 pips

Our pivot point stands at 0.6197.

Our preference

Technical rebound towards 0.6197 before a new drop.

Alternative scenario

The upside breakout of 0.6197, would call for 0.6218 and 0.6231.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above its 20 period moving average (0.6171) but under its 50 period moving average (0.6179).

Supports and resistances

0.6231 **

0.6218 *

0.6197 **

0.6189

0.6178 last

0.6150

0.6138 **

0.6125 *

0.6113 **

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