The NZD/USD proceeded to break into a downtrend after last week’s short ranging movement. A continuation move looks to ensue after a slight retracement to the adjacent order block level.
Our POC zone is 0.6649-59 [Historical Order Block, 4/8, W H3, D H3, FR 61.8, FR 50.0]. We are looking for retracement to end at this resistance level for bears to take over. Targets are 0.6589 [D L3, 0/8], and 0.6576 [-1/8, FE -27.2]. With enough momentum, we can see price moving to 0.6555 level [-2/8, D L4, W L4]. Final target is the FE 61.8 level 0.6544.
Bearish potential so long as 0.6700 holds. If 0.6700 breaks, we’ll look towards more bullishness in the pair.