According to the technical analysts at ICN.com, “The negativity continues to show be affected by the Double Top pattern, having shown a breach of key supports shown on the hourly chart. The NZD/USD is currently affected by negativity in the linear regression indicators and stability below 0.7985. We believe that the downside move might extend further, while stability below the 0.7985 level keeps the expectations valid.”
The cross is currently trading near session lows (intraday minimum of 0.7919) registering a loss of -0.24% on the day. ICN.com isolates the pair’s next supports at 0.7900, 0.7885, and finally 0.7855. On the ascension, the pair will meet its corresponding resistive measures at 0.7960, then 0.7985, and eventually 0.8000.