NZDUSD for nearly two weeks is moving in a downward channel. Today there was an attempt to leave top of the channel but ended on a false breaking. On the chart appeared a long upper shadow and a red candle. It may end by the test of the lower limit of the channel at 0.6230 where there is also a minimum of 24 August. First bears must break the next support on level 0.6310.
Time-frame W1
NZDUSD for a year is moving in a strong downtrend and it looks like that falls will be continued. Seven weeks has lasted consolidation at support level 0.6500. So long impotence of bulls to perform bounce has to end broken of support. So it happened and support has been broken. Last week’s minimum may cause slight rebound, but the next strong support is at 0.5900. That should be a target to bears which will allow for a longer rebound.
