NZD/USD is under pressure. The pair is trading below its 20-period and 50-period moving averages, while the 20-period moving average just crossed below the 50-period one. The relative strength index has broken down its 30 level. Additionally, 0.7060 is playing a key resistance role, which should limit the upside potential. As long as this key level holds on the upside, look for a further drop toward 0.6975. A break below this level would call for a further decline toward 0.6935.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6975. A break below this target will move the pair further downwards to 0.6935. The pivot point stands at 0.7060. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.7110 and the second one at 0.7140.

Resistance levels: 0.7110, 0.7140, 0.7180

Support levels: 0.6975, 0.6935, 0.6875