NZD/USD remained rangebound trading between 0.6950 and 0.6900. These two levels coincide with the EMA100 and the EMA50 correspondently. As we see, the spot is unable to move higher despite all buyers’ attempts. That fact points to strong sellers who will tend to return the spot to the current lows. The resistance stands at 0.6950, the support is at 0.6900.
We believe buyers will keep trying to regain 0.6950, however, we do not believe they will succeed. The most likely scenario involves a pull back towards 0.6850.