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The NZD/USD pair is trading at 0.6480 at the time of writing. After dropping below the uptrend line, the rate signaled that the upside movement ended. Personally, I've drawn a downtrend line which represents an upside obstacle. So, as long as it stays below it, the price could drop deeper.
Technically, the 0.6453 former low stands as a downside obstacle. The downside scenario could be invalidated if the rate jumps above the downtrend line.
Dropping below 0.6453 may announce a larger drop and could represent a selling opportunity.
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