The NZD/USD Trend Is Bearish And With Targets 0.7200 and 0.7100

After the double top on the W1 time frame where the difference between the bars was just 1 tick (0.74369 – 0.7468) the NZD/USD pair began depreciating which will lead it, I think, toward the W1 support around 0.7100.

On the D1 time frame we could expect a test of the first stronger support around 0.7200.

On the H4 time frame the pair is forming a trend channel with height at the base around 90 pips and the pair has already broken out below it, so we could expect a depreciation toward 0.7205 – 0.7200 which coincides with the prognosis on the larger time frame.

However, it is possible for the pair to return to 0.7300 before that depreciation for a test of the support trend line of the channel it broke out below.