The NZD/USD pair resumes the downtrend

After an almost two-week of correction movement, the NZD/USD pair approached a significant resistance level of 0.6970-80 (Fibo. 78.6 from the May’s low). Also, this level corresponds to the upper boundary of the descending channel, which can be traced from September.

While this pair demonstrates a slowdown, it’s possible to talk about the reversal after the price is fixed below 0.6930-20. This will open the way to the levels of significant support: 0.6890 and 0.6870. The breakthrough of the resistance level 0.6970-80 cancels the scenario for a decrease.

Recommended for reading: Technical Analysis

Hanzenko Anton