NZD/USD Downside Obstacles Ignored!
The NZD/USD pair dropped like a rock in the short term and now is trading at 0.6273 at the time of writing. You knew from my last analysis that dropping below the uptrend line (channel's downside line) and under 0.6301 may announce a deeper drop.
As you can see, the rate ignored the 0.6277 former low as well. This represented a downside obstacle, so more declines are in the cards.
NZD/USD Trading Conclusion!
Dropping below 0.6301 downside obstacle was seen as a selling opportunity. Ignoring 0.6277 activated a deeper drop. The 0.6195 historical level could represent a potential downside target and obstacle if the rate continues to drop.
