Search ForexCrunch
  • NZD/USD remained heavily offered for the sixth straight session on Friday.
  • Break below 0.6500 confluence was seen as a key trigger for bearish traders.

The NZD/USD pair added to its recent losses and remained depressed for the sixth consecutive session on Friday, falling to near two-month lows during the early European session.

The overnight slide below an important confluence support near the 0.6510 region was seen as a key trigger for bearish traders and some follow-through selling on the last day of the week.

The mentioned region comprised of the lower end of monthly descending trend-channel and the very important 200-day SMA, which should now keep a lid on any attempted recovery move.

Meanwhile, the ongoing slide has now dragged the pair below the 50% Fibonacci level of the 0.6204-0.6756 and might have already paved the way for an extension of the depreciating move.

However, technical indicators on daily/4-hourly charts are already flashing slightly oversold conditions and thus, warrant some caution for aggressive traders or positioning for any further slide.