The New Zealand dollar is consolidating around the 0.7000 level against the US dollar ahead of the Reserve Bank of New Zealand rate decision. The NZDUSD pair is vulnerable to further losses due to the fact that a head and shoulders pattern and negative MACD price divergence is present. According to the daily time frame the negative MACD price divergence extends down towards the 0.6800 level.
The NZDUSD pair is only bullish while trading above the 0.7000 level, key resistance is found at the 0.7090 and 0.7160 levels.
The NZDUSD pair is only bearish while trading below the 0.7000 level, key support is found at the 0.6920 and 0.6800 levels.
