• NZDUSD reversed from resistance zone
• Likely to fall to support level 0.6950
NZDUSD currency pair recently reversed down from the resistance zone lying between the key resistance level 0.7100 (which also reversed the price in the middle of June), 38.2% Fibonacci correction of the downward impulse from May and the 20-day moving average. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Evening Star.
Given the continued USD bullishness seen across the currency markets today – NZDUSD currency pair can be expected to fall further toward the next support level 0.6950 (former multi-month low from the end of March) – from where the upward correction is likely.
