FX.co ★ NZD/USD downtrend intact, 0.6248 as strong obstacle

NZD/USD Minor Growth

The NZD/USD pair increased in the short term and now has almost reached the downtrend line which represents an upside obstacle. After its strong drop, a minor rebound was natural. It could come back to test and retest the downtrend line before resuming its drop.

It was traded at 0.6289 at the time of writing, far above today's low of 0.6248. Technically, today's low represents a downside obstacle.

NZD/USD Trading Conclusion

Staying below the downtrend line and dropping under the low of 0.6248 may announce more declines. This scenario could bring new selling opportunities.