NZD/USD Below Long Term Support

Hard times currently for the New Zealand dollar as the currency depreciated rapidly after political turmoil rattled their financial stability. The above chart is the weekly analysis of NZD/USD.

Market sentiment is overall bearish and seems to be looking for more bearish movement. A break of the current support would lead to potential further shorting opportunities. However we could see a daily lower high which would also be a nice area for a shorting position.

Below 0.68 the bearish movement is expected to continue progressing. Currently the pair is still being sold due to uncertainty and lack of stability. As soon as we have some concrete information about further political and economical development in New Zealand the pair could enjoy some buying that could recover the price to levels close to the 200SMA.

Chart: NZD/USD W1