Fundamental overview:

NZD/USD is expected to consolidate with a bearish bias after hitting a two-and-a-half year low at 0.7621 on Monday. It is undermined by the expectations that Fonterra this week would announce a downward revision of its previous forecast of NZ$5.30 payout to dairy farmers; caution that the Reserve Bank of New Zealand might adopt a dovish tone at its Thursday policy meeting, soft commodity prices, Kiwi sales on soft NZD/JPY cross amid increased investor risk aversion and Kiwi sales on rebounding AUD/NZD cross. But NZD/USD losses are tempered by the weaker USD sentiment and NZD-USD interest differential.

Technical Comment:
Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day moving average and is declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.7565. A break of this target will move the pair further downwards to 0.7530. The pivot point stands at 0.7645. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.7710 and the second target at 0.7780.

Resistance levels:
0.7710
0.7780
0.7815

Support levels:
0.7565
0.7530
0.75