NZDUSD Facing Offers Near 0.7290
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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