FX.co ★ NZD/USD: larger drop activated

NZD/USD Under Massive Selling Pressure!

The NZD/USD pair crashed in the short term and now is trading at 0.6147 at the time of writing. As you can see on the H1 chart, the rate dropped below the uptrend line signaling that the upwards movement ended.

Now, it has dropped also below the 0.6163 former low which represented a downside obstacle. Personally, I've drawn a downtrend line which represents an upside obstacle. As long as it stays below it, the NZD/USD pair could extend its drop.

NZD/USD Trading Conclusion!

Dropping below 0.6163 validated more declines and represented a selling signal.