“¢ The pair’s overnight attempted bounce quickly ran out of steam near the very important 200-day SMA, with bears now eyeing a retest of 3-1/2 month lows set in the previous session.
“¢ Given the recent bearish break through a near three-month-old ascending trend-line, the price action now seems to suggest that the near-term selling pressure might still be far from over.
“¢ Bearish oscillators on daily/4-hourly charts add credence to the negative outlook, though slightly oversold conditions on the 1-hourly chart might help limit further losses, at least for now.
“¢ Hence, it would be prudent to wait for a minor pullback/some consolidation before traders start positioning aggressively for an extension of the near-term depreciating move.
NZD/USD daily chart
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