Looking at the price chart of the NZD/USD pair, the continuation of the bearish pattern continued until today's trading session (Wednesday) by continuing to record the latest 7 -week low.
The decline to the lows seems to have tested the support level of 0.69000 which was seen to continue plummeting at the beginning of today's Asian trading session before showing a slight rise in the European session.
The bearish trend can be clearly seen as the price movement continues to trade below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame and has remained bearish since the end of October.
The failure of the Reserve Bank of New Zealand (RBNZ) to plan a shock to the market has the influence of the New Zealand dollar (NZD) remained falling despite meeting expectations for an interest rate hike.
However, the publication of data that meets market expectations will completely strengthen the plans that will be implemented by the major central bank to tighten monetary policy.
Deck because of that aspect, the USD currency continued to grab to display dominance after continuing to gain a boost from risky market sentiment due to the outbreak of the Covid-19 outbreak.
Investors will expect the price on the NZD/USD chart to test the support zone at the end of September around 0.68600 before observing the next target.
That is, the next target is likely to hit back to the lowest level of 2021 and since December 2020 which was last reached in August trading at 0.68000.
On the other hand, a higher jump will see the price move to the SBR (support become resistance) zone of 0.69500 after the price made a 'reversal' in the zone in today's Asian session trading.
The uptrend that will be led is likely to reach the SBR zone of 0.70000 which is also the strongest zone before as the zone often restrains prices from falling further.
