A daily candlestick chart of the NZD/USD currency pair appears above illustrating the consistent decline within its notable medium term down channel with upper and lower trendlines drawn in red. The rate continues to extend its divergence below its falling 200 day Moving Average shown in green, and its 14 day RSI appears in blue in the indicator box just above oversold territory.
The Kiwi made another fresh recent low at the 0.8248 level this morning, as its trades between the falling upper trendline of its medium term down channel now drawn at the 0.8329 level and its parallel lower support line drawn at 0.8100. Its 14 day RSI has fallen to just above oversold territory at the 30.26 level, and the Kiwi remains below its flat 200 day MA still at 0.8515. Support is noted at 0.8248, with resistance seen in the 0.8285/89 region and at 0.8309. The outlook is now bearish in the near term and medium terms.
Share
