FX.co ★ NZD/USD under strong selling pressure

NZD/USD New Downside Movement!

The NZD/USD pair drops like a rock and it seems unstoppable. It has ignored the 0.6904 and the 0.6871 former lows which represented downside obstacles. Breaking below the uptrend line, NZD/USD signaled that the upside movement is over and that the sellers could take the lead.

Stabilizing below the current broken levels may indicate more declines ahead. Still, after its strong drop, the price could try to come back to test and retest the former lows before resuming its drop.

NZD/USD Trading Conclusion!

The NZD/USD pair signaled a larger drop after ignoring the former lows of 0.6904 and 0.6871. Breaking below these levels signaled a potential deeper drop and represented a selling opportunity.