The New Zealand faced an increased selling pressure recently and declined below 0.6900 against the US Dollar. The NZD/USD pair declined heavily and broke the 0.6875 support and the 50 hourly simple moving average.
During the decline, there was a break below a contracting triangle with support at 0.6878 on the hourly chart. The pair traded as low as 0.6857 and later started an upside correction.
An initial resistance is near the broken triangle and the 23.6% Fib retracement level of the last decline from the 0.6928 high to 0.6857 low. However, the main resistance on the upside is near the 0.6890 level.
On the downside, a break below the 0.6860 and 0.6850 support levels could open the doors for a larger downward move below the 0.6825 in the near term.
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