The New Zealand dollar has moved sharply lower against the US dollar currency this morning after the New Zealand Government announced new laws surrounding property. The drop means that a large head and shoulders pattern has now been activated. The bearish pattern and is a warning that the NZDUSD pair could fall towards its 200-day moving average, around the 0.6860 level.
The NZDUSD pair is only bullish while trading above the 0.7080 level, key resistance is found at the 0.7100 and 0.7130 levels.
The NZDUSD pair is only bearish while trading below the 0.7080 level, key support is found at the 0.7000 and 0.6840 levels.
