FX.co ★ NZD/USD: new downtrend

NZD/USD 0.6453 As Obstacle!

The NZD/USD pair is trading at 0.6480 at the time of writing. After dropping below the uptrend line, the rate signaled that the upside movement ended. Personally, I've drawn a downtrend line which represents an upside obstacle. So, as long as it stays below it, the price could drop deeper.

Technically, the 0.6453 former low stands as a downside obstacle. The downside scenario could be invalidated if the rate jumps above the downtrend line.

NZD/USD Trading Conclusion!

Dropping below 0.6453 may announce a larger drop and could represent a selling opportunity.