This pair broke the 0.6985 key support on 20 Oct and dropped to 0.6820 support. It is now re-testing 0.6985 as new Resistance which is also a confluence of resistance. The pair is making lower lows and lower highs and technically in a downtrend. The 0.6820 support zone also attracted bids in May 2017, taking the pair up to the 0.7480 resistance zone and a key support level to break for bears. Traders can look for selling opportunities from the 0.6985 resistance area and as long as the pair closes below this area on a Daily basis. Alternatively, traders can wait for a daily close below 0.6820 and a re-test of this level as new resistance before selling. I see NZD weakness ahead and will also look to trade other NZD pairs when NZD shows weakness. A daily close below 0.6820 would open up to the May 2016 low at around 0.6675 support. As always, be patient!

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