“¢ The pair continued losing ground through the early North-American session and dropped to fresh seven-week lows, further below the very important 200-day SMA in the last hour.
“¢ Given that the pair this week finally broke below an ascending trend-line support extending from early-Oct., the subsequent weakness now confirms a near-term bearish breakdown.
“¢ Meanwhile, oscillators on daily/4-hourly charts have been gaining negative momentum and are still far from being in the oversold territory, paving way for further depreciating move.
“¢ However, slightly oversold conditions on the 1-hourly chart might turn out to be the only factor that could lend some support, or help limit further downside, at least for the time being.
NZD/USD daily chart
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