NZD/USD - is Expected to Fall Hitting 0.7240 - 02/08/2017 (GMT)

Later today, the Reserve Bank of New Zealand is widely expected to leave monetary policy unchanged. The NZD/USD pair yesterday was traded higher and climbed above the 0.7350 strong resistance level, though, it ended the day lower near the 0.7300 psychological level. Now, it is trying to drop below the 50-SMA on the short-term timeframe and retest the 0.7240 support barrier which coincides with the ascending trend line.

Furthermore, a sharp downward rally will expose the price towards 0.7130. The bearish bias is holding in both, MACD and RSI. MACD lies below its trigger line but is still moving above its zero line, however, RSI has just entered into the negative area.