MONTHLY: We assume the consolidation between 0.64 and 0.70 is over and the pair will break below 0.64 and retry the previous low at around 0.60.

WEEKLY: The pair did not form a new higher low, but instead broke the upward channel formation at play. Though this pattern isn’t a strong indication of a downward trend, based on our monthly chart view, the pair will try at least the -27.2% level at around 0.6060. Any attempt at a recovery should be capped at around 0.6240, in order to assume that the pair will retry to break the 0.60 level.

DAILY: The pair is reacting at the -27.2% level today and it has dropped from 0.69 to 0.64 almost without pause. The -200% retracement level stands at around 0.61, slightly above the weekly low level we see the pair trying reaching in the next few weeks.
Assuming WTI will reach $26 before the end of the month and a subsequent bounce to $30, we’ll assume NZD/USD will drop at least 200 points to the daily -127.2% retracement level at around 0.62. Although the pair could easily try for a bigger downward movement within the 2-month period, we’ll assume a correction will take place at some point, followed by a consolidation between 0.6240 and 0.64.

In view of that trajectory we’ll pick the -61.80% level of the daily chart as our prediction at 0.6320 about 100 points below the current price.
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