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In April, bearish breakdown of 0.7220-0.7170 (lower limit of the consolidation range) allowed a quick decline towards 0.6700-0.6800 where narrow ranged consolidation range was established.
On July 7, evident bullish rejection pushed the NZD/USD pair above 0.6820 temporarily.
However, lack of bullish momentum made the bulls fail to maintain enough bullish momentum above 0.6700.
On August 9, bearish breakout below the depicted consolidation range (0.6700-0.6840) was executed. This allowed the recent bearish decline to occur towards 0.6600-0.6570.
The NZD/USD pair outlook turned to be bearish. Bearish targets are projected towards the price levels of 0.6520 and 0.6480.
Recently, early signs of bullish recovery were manifested around the recent low around 0.6550. This allowed the recent bullish pullback towards 0.6700 to be demonstrated.
Trade Recommendations:
Risky traders can wait for a decline below 0.6550 (key-level).
This offers a high-risk SELL position. Initial T/P should be placed around 0.6420 (Fibonacci Expansion 100%). S/L would be located above 0.6600.
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