NZD/USD Breaks Support Again

NZD/USD is having a hard time recently trying to keep up within the upward trending channel on the long term outlook. The pair reached support in the beginning of March at 0.6955 and went below the channel. Then somehow it managed to get back in sharply. Unfortunately for the bulls, the pair was inconsistent and started trading sideways until it gave up.

Today, the pair broke the support level again, indicating that the move to the downside may not be over. Price is now 0.6975 and the bearish momentum continues to gain strength.

First bear target is seen at latest low at 0.6885, while bulls' target is to get back in the trend. The economic US news this week might give a hint on the direction of the pair.

Chart: NZD/USD D1