Red lines- bearish channel
NZDUSD is trading around 0.6080. Price continues trading inside the red downward sloping channel making lower lows and lower highs. As long as price is inside the bearish channel we remain bearish. Resistance by the channel is found at 0.6280 and support at 0.5880. Price remains vulnerable to more downside as NZDUSD remains under pressure. The RSI could provide a new bullish divergence as price is making new lows over the coming weeks. Current market conditions suggest that new lows should be expected.
