FX.co ★ NZD/USD: upside invalidated, more declines below 0.5886

The NZD/USD pair registered sharp movements today. Now, it's trading at 0.5906 at the time of writing. You knew from my previous analyses that the Jackson Hole Symposium should be decisive today.

The US Revised UoM Consumer Sentiment came in at 69.2 below 71.2 expected. Furthermore, Fed Chair Powell's speech brought high action. Later, ECB President Lagarde's remarks should have a big impact on the USD.

NZD/USD Under Massive Pressure!

Technically, the NZD/USD pair failed to stay above the 0.5963 range's resistance announcing strong downside pressure and exhausted buyers.

It has found strong resistance at the downtrend line. It has tested and retested this dynamic resistance, registering only false breakouts and now it has dropped deeper.

NZD/USD Outlook!

Dropping and closing below 0.5886 brings new selling opportunities.