NZD/USD New Downtrend!
The NZD/USD pair plunged in the short term and now is trading at 0.6244 at the time of writing, far below 0.6410 higher high registered on Friday. As you can see on the H1 chart, the rate dropped below the uptrend line which represented a downside obstacle.
Breaking below the uptrend line announced a larger downside movement (downside continuation). Personally, I've drawn a downtrend line which represents an upside obstacle. As long as it stays below it, the rate could extend the downside movement.
NZD/USD Outlook!
Technically, the 0.6238 today's low represents a downside obstacle. Dropping and stabilizing below this levels announces more declines. This is seen as a new selling opportunity.
