Since
mid April the NZD/USD pair has entered into sharp downtrend and today made a
new low striking 0.7035. We are witnessing the worst losing streak for about
three years. During the past two weeks the price went into free fall until
today met the support provided by the 61.8% Fibonacci retracement of latest
November to February bullish run. The
current market price is 0.7093, but this bounce might be considered as a
corrective one and warns for further weakness. As seen on the daily chart the
price is developing well below its moving averages and also keeps the downtrend
that has started since late 2017. RSI and stochastic are located within extreme
negative areas with no signs of getting out of there. The first resistance is
provided by the 50% Fibo of same retarcement followed by the 200-day SMA at
0.7140.
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