Technical analysis
The RSI indicator remains bearish on the four-hour time frame after last week strong reversal from the 0.7080 price area.
The NZDUSD pair looks to be targeting towards a technical restest of the top of falling price channel, which is located close to the 0.6950 area.
What the possible outcomes are
In our most likely scenario, the NZDUSD pair will test towards the top of the falling wedge pattern and then stage a rebound back towards the 0.7130 level.
Alternatively, the NZDUSD could have already found a price floor this morning and will now start to rebound back towards the 0.7130 resistance level.
Key levels
Support 0.6980 0.6950
Resistance 0.7080 0.7130
