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NZD/USD has bounced back from the 0.6511 level but the bias remains bearish. The price has come back to retest the broken support area and to confirm the Double Top pattern. Technically, the pair is expected to resume its corrective phase after the most recent rebound.
The USD has decreased a little in the short term as the Durable Goods Orders and the Cored Durable Goods Orders disappointed investors on Friday. The US is to release high impact economic data this week, so better than expected figures should boost the greenback and could send NZD/USD way lower.
NZD/USD has come back to test the 0.6601 - 0.6580 broken support area (support has turned into resistance). It seems undecided right now, but the outlook remains bearish as long it stays below this area and under the Pivot Point (0.6611) level.
The price could retest the mentioned resistance area before dropping deeper. The selling pressure is high, so NZD/USD could drop anytime again. Another lower low, drop below 0.6511 brings a selling opportunity.
The Double Top pattern signals a deeper drop towards the 0.6393 area. You can sell a new lower low, bearish closure below 0.6511 with the first downside target at the S1 (0.6442) level.
Moreover, another false breakout with great separation above the 0.6580 static resistance could suggest selling. The S2 (0.6344) and S3 (0.6176) could be used as targets if the price ignores the near-term downside obstacles.
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