Technical analysis
The NZDUSD pair is trading under the 0.7000 level again after being rejected from its trend defining key 200-period moving average on the four-hour time frame.
The four-hour time frame also shows that a bullish triple-bottom pattern formation will take shape if the NZDUSD pair continues to hold above the 0.6900 support level.
What the possible outcomes are
In our most likely scenario, the NZDUSD pair will pullback towards the 0.6930 level and then recover back towards the 200-period moving average on the four-hour time frame as a triple bottom starts to form.
Alternatively, the NZDUSD eventually breaks under the 0.6900 level and falls towards the bottom of a broadening wedge pattern.
Key levels
Support 0.6930 0.6900
Resistance 0.7020 0.7130
