Red lines- equal size declines
Green lines- Fibonacci extension targets
Black line -pivot point
In our previous post on NZDUSD we warned that price behavior was bearish and the most probable scenario is to see the pair move lower towards 0.59. Relative to yesterday price is making new short-term lower lows. Support at 0.6090 remains very important for the near term. This is where the big test will be. Price is moving towards the support and a break below will produce a new bearish signal. As long as we trade below the black horizontal resistance level of 0.63 we remain bearish. Near term trend remains bearish.
