While NZD was weakened due to J.Yellen’s speech on Tuesday, it was supported again by the oil prices.
The support rests in 0.69970 with resistance at 0.70170 which both lines are below the weekly pivot point at 0.70370. The EMA of 10 is moving with bearish bias along the descendant channel and it has crossed the EMA of 100; they are both below the EMA of 200. The RSI is moving below the 50 level, the MACD indicator is in neutral territory and the Stochastic is moving in low ranges. The ADX is not showing any clear signals. The price is in the Ichimoku Cloud and above the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a downward trend.
Short positions are recommended targeting 0.6950.

nzdusd analysis