NZD/USD decreased within a down channel, so the outlook will be bearish as long as it stays within this pattern. The price has found support around 0.6946 level and now it moves sideways in a narrow range.
It is trapped between 0.7027 and 0.6946 levels. A downside breakout from this range could signal that NZD/USD could resume its downside movement within the down channel. A further decline could be invalidated only by a breakout, jump, above the downtrend line.
Trading Conclusion!
NZD/USD could offer us a new selling opportunity if the price drops below 0.6946 and if reaches 0.6935 level. Dropping below the former lows could signal a deeper decline towards 0.69 and 0.6850 levels.
