NZD/USD Under Selling Pressure!
The NZD/USD pair is moving sideways in the short term. It's located at 0.5948 at the time of writing and it seems very heavy. The rate failed to jump above the former high of 0.5984 and now it has dropped below the uptrend line signaling exhausted buyers.
The 0.5944 former low represents a key downside obstacle. As long as it stays above it, the rate could jump higher. Still, its failure to reach and retest the broken uptrend line and 0.5984 announced strong sellers.
NZD/USD Trading Conclusion!
Staying near the 0.5944 former low indicates an imminent breakdown. Dropping and closing below 0.5944 activates more declines.
