The New Zealand dollar has moved lower against the US dollar currency this morning, following a notable drop in commodity-related currencies. A large head and shoulders pattern has now been activated, following a sustained move under the 0.7000 level. According to the overall size of the bearish price pattern, the NZDUSD pair could be set to decline towards the 0.6550 support area.
The NZDUSD pair is only bullish while trading above the 0.7000 level, key resistance is found at the 0.7035 and 0.7080 levels.
The NZDUSD pair is only bearish while trading below the 0.7000 level, key support is found at the 0.6860 and 0.6580 levels.
