Source: PaxForex Premium Analytics Portal, Technical Insight

The NZD/USD started the new week under pressure and fell to a 3 week low at 0.7006 and then rebounded moderately.

NZD/USD,D1

Pivot: 0.7022

Analysis:

While the price is below 0.7170, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 0.7022
• Take Profit 1: 0.6940
• Take Profit 2: 0.6875

Alternative scenario:

If the level 0.7170 is broken-out, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.7170
• Take Profit 1: 0.7240
• Take Profit 2: 0.7320

Comment:

RSI shows the development of a downtrend in the medium term.

Key levels: