FX.co ★ NZD/USD: more declines in cards

NZD/USD Temporary Growth!

The NZD/USD pair increases after reaching the 0.6453 level. Still, the rebound could be only a temporary one. 0.6542 former low which represented a downside obstacle turned into an upside obstacle. As long as it stays under this level, the price could resume its drop at any time.

Also, you can see that the NZD/USD pair is located far below the downtrend line. The channel's downside line is seen as a near-term upside obstacle.

NZD/USD Trading Conclusion!

As long as it stays under 0.6542 and below the downside line, NZD/USD could drop deeper, it could extend its downtrend. Coming back to reach and retest these obstacles could bring new selling opportunities with a first potential target at the 0.6453 today's low.