NZD/USD is expected to prevails the downside movement. The pair recorded a succession of lower tops and lower bottoms since Feb. 16 and is consolidating on the downside. The downward momentum is further reinforced by its declining 50-period moving average, which plays resistance role. The relative strength index is below its neutrality level at 50 and lacks upward momentum. Additionally, 0.7200 is playing a key resistance role, which should limit the upside potential. As long as 0.7210 holds on the upside, look for a further drop toward 0.7150 and even 0.7130 in extension.

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 0.7150. A break below this target will move the pair further downwards to 0.7130. The pivot point stands at 0.7210. If 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 0.7235 and the second one at 0.7260.

Resistance levels: 0.7235, 0.7260, and 0.7260

Support levels: 0.7150, 0.7130, and 0.7100