NZD/USD is currently trading at 0.6773, the lowest level since March 8, representing a 0.43 percent drop on the day.
More importantly, the pair is now trading within a striking distance of the support at 0.6767 – the trendline connecting Oct. 8 and Jan. 3 lows.
A close below the trendline looks likely as the 14-day relative strength index (RSI) is reporting bearish conditions with a below-50 print and both the 5- and 10-day moving averages (MAs) are trending south.
That said, a break below the trendline support could be short-lived if prices bounce up from the 200-day MA, currently at 0.6739. That average line had reversed pullbacks in February and March.
Daily chart
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Trend: Bearish
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