The New Zealand dollar appears increasingly weak against the US dollar currency as the pair struggles to attract fresh buying interest. A large head and shoulders pattern is engulfing the NZDUSD on the lower time frames and is warning of a coming price crash. According to the overall size of the bearish price pattern, the NZDUSD pair could drop by 350 points if the 0.7100 level is broken.
The NZDUSD pair is only bearish while trading below the 0.7100 level, key support is found at the 0.7000 and 0.6840 levels.
The NZDUSD pair is only bullish while trading above the 0.7100 level, key resistance is found at the 0.7220 and 0.7360 levels.
