NZD/USD: Daily
Is this breakdown legit or what? NZD/USD appears to have made a clean break of the double top neckline on its daily forex chart, suggesting that a longer-term downtrend might take place. However, it looks like Kiwi bulls aren’t giving in too easily, as stochastic is moving higher and price might still make a retest of the broken neckline. Take note though that the chart pattern is roughly 400 pips in height, which indicates that resulting selloff could be of the same size. If more sellers jump in, NZD/USD could make its way back down to the next long-term support zone at the .8000 major psychological mark.
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