NZD/USD 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook for NZD/USD is strongly bearish. While the resistance trend-line is expected to remain intact, the support level at 0.65 is likely to give in under the selling pressure, despite being reinforced by the weekly S1. This will pave the way for a prolonged decline, as there are no significant demand areas until 0.6240, namely September low. The near-term focus, however, will be on the weekly pivot points at 0.6458 and 0.6414.
Alternatively, in case the bulls manage to push the price over 0.6545, the initial target will be the 200-hour SMA at 0.6564, followed by the weekly R1 and Nov 11 high near 0.6590.
© Dukascopy Bank SA
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