The NZDUSD has entered a long term decline. Our longer term objective is not until below .5927. However, there will be countertrend movements along the way.
We’ll look to identify completion of those rallies and take advantage of the current downtrend. As of now, price should remain below .7467. Objectives are at .6990 and .6823. Reinforcing the bearish bias is today’s break below the trendline that had held since June 2006.