NZD/USD Will Likely Continue Falling

NZD/USD was quite bearish after it bounced off from the resistance at 0.7375, at least until it encountered the support at 0.7145, which coincided with the (MA)89 indicator on the daily time-frame. After two weeks of sideways consolidation above that level and testing that support, on Tuesday the fundamentals – namely President Trump’s speech before Congress – gave the pair the necessary push to finally break out below the support and continue its move to the downside. What is more, the pair even broke below the support at 0.7110, which is the same indicator, but on the weekly time-frame. Should the move to the downside continue the pair will likely reach the next significant support level at 0.6861, which is also the previous low.