FX.co ★ NZD/USD: more declines ahead

NZD/USD 0.6306 As Downside Obstacle!

The NZD/USD pair dropped below the uptrend line signaling exhausted buyers and that the upside movement could be over. The uptrend line represented a downside obstacle. Now, it is trading somehow sideways in the short term.

The 0.6306 former low represents is seen as a downside obstacle. As long as the instrument stays above it, the price could try to increase.

NZD/USD Trading Conclusion!

Dropping and stabilizing below 0.6306 indicates a larger downside movement. This scenario brings new selling opportunities.