Hello to all! The trend of the New Zealand dollar is headed south. A safer move is to wait for entry of selling the pair. Last week, the level of 0.6716 was repeated, although I noticed it after the breakdown. Thus, I decided not to take on any sides. The trajectory of the downtrend is being narrowed down. Then, we’ll see how the pair would react to the level of 0.6566 either a breakout occurs or a further decline of the price.
In case of a false breakdown, it is likely for the pair to stay in the trend at 0.6566 to 0.6716, where we can work off inside the channel from the limits. For now, I do not see any points we can enter the market as we are currently in the middle, although, it closer to the support. Hence, I think it is better to wait for a retest and then decide on the next target level to trade on.
If it breaks the level of 0.6716, there is a chance for a downtrend which will probably turn around and go north. It is then that we can consider going long on this pair.