NZD/USD with heavy sellers concentration around 0.7038

NZD/USD with heavy sellers concentration around 0.7038

NZD/USD has been trading in a strong bearish tone across the board, with the 50 SMA at H1 chart helping to cap gains in the short-term. However, the pair took a rest and managed to do a rebound above the lows from May 2th and it’s finding resistance in the 0.7038 level, where is located a Fibonacci area of 50%. If Kiwi succeeds in break below 0.6982, then it can plummet towards the -23.6% Fibo level at 0.6955.

RSI indicator is pointing to the downside, calling for further weakness.

NZDUSDH1.png

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