The New Zealand dollar is looking very bearish against the US dollar currency, after the pair recently dropped under the 0.7000 support level. The daily time frame shows that the 0.7000 level is important because it is the neckline of a large head and shoulders pattern. If the NZDUSD pair holds under the 0.7000 level, then a further drop towards at least the 0.6830 level is expected this week.
The NZDUSD pair is only bullish while trading above the 0.7000 level, key resistance is found at the 0.7030 and 0.7090 levels.
The NZDUSD pair is only bearish while trading below the 0.7000 level, key support is found at the 0.6880 and 0.6830 levels.
