The NZD/USD pair has been under selling pressures since the 30th of October 2015. The downward movement began from as high as 0.6790 to as low as 0.6582.
The currency pair initially consolidated between 0.6666 and 0.6630 today to subsequently fall down to 0.6582. Taking into consideration that there is enough support below that level, the pair could bounce back to the upside. In the event that the buyers gain momentum and manage to push the price to break above the level of 0.6661, the pair could rise up to 0.6686 and 0.6712 respectively.
Conversely, in the scenario where the sellers keep exerting strong downward pressures and the price breaks below 0.6582, the pair could decelerate down to 0.6517.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.