The New Zealand Dollar slowly declined below the 0.7300 handle recently against the US Dollar and traded as low as 0.7243.
Later, the NZDUSD pair started a recovery and moved above the 0.7260 resistance. However, the pair is facing a major resistance near 0.7290-95 formed with two bearish trend line on the hourly chart.
Moreover, the 100 hourly simple moving average is near 0.7284, which is also acting as a resistance. So, as long as the pair is below the 100 SMA and the 0.7295 resistance, it may decline once again. An initial support on the downside is near 0.7260, followed by 0.7240.
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