The NZDUSD: the uptrend is weakening
The New Zealand dollar has been correcting from 0.6500 support for the whole week. Correction up is developing amid low volumes.
Current divergence suggests weakening bullish potential. However, recent breakout of 0.6570 resistance bolstered further corrective growth.
Potential correction target is situated at the descending trend line of 0.6620. The test of the trend line will most likely trigger consolidation, followed by the rebound down to the next target at 0.6500.
Correction up will continue if price breaks resistance at 0.6620. The breakout will open the way up to 0.6700.
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