FX.co ★ NZD/USD: temporary rebound?

NZD/USD Strong Growth!

The NZD/USD pair rebounded after registering a strong sell-off. Now, it is trading at the 0.6147 level at the time of writing and is almost to reach the 0.6158 previous low and the downtrend line. These are seen as upside obstacles. As long as it stays below the downtrend line, the currency pair could drop deeper despite temporary rebounds.

Technically, it could test and retest the near-term obstacles in the short term. Only jumping stabilizing above the downtrend line and above 0.6158 could invalidate a downside continuation and could announce an upside reversal.

NZD/USD Trading Conclusion!

Testing and retesting 0.6158 and the downtrend line may announce a new drop. The 0.6076 historical level (former low) represents a downside obstacle, a potential target.