The NZD/USD has been under pressure over the last couple of weeks and it shows a strong downtrend patterns with a possibility of a further continuation.
The NZD/USD has been under strong pressure over the last couple of weeks and it shows a strong downtrend patterns with a possibility of a further continuation. The Zig Zag that has been formed has turned into a flat bottom descending pattern, so we could see a possible triangle shaping up on intraday time frames. The POC (0.6950-60) could reject the pair towards 0.6890 zone and the break of 0.6880 should aim for 0.6835. The ATR has been low so not a sudden move is expected but rather a gradual grind towards lower levels and this running flat bottom pattern could shape up into a descending triangle with a possible breakout of L3 level.
NZD/USD Chart
Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets
