NZD/USD is under pressure. The technical picture of the pair is bearish, as the prices broke below their 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias. The relative strength index is bearish below its neutrality level at 50 and calls for a further drop. Therefore, below 0.7220, look for a further drop to 0.7185 and even to 0.7170 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 0.7185. A break below this target will move the pair further downwards to 0.7170. The pivot point stands at 0.7220. 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 0.7250 and the second one at 0.7280.

Resistance levels: 0.7250, 0.7280, and 0.7310

Support levels: 0.7185, 0.7170, and 0.7130