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  • NZD/USD bears are taking control at the start of the week.
  • Bears to target significant prior daily support.  

NZD/USD is on the verge of a downside extension following a significant correction from a critical resistance area on the hourly chart as follows:  

Hourly chart

As illustrated, the M-formation on the hourly chart has seen the rejection from the neckline of the 61.8% retracement level.

The price would ow be expected to break the prior lows and test bullish commitments at the next support structure.