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NZDUSD: Resuming the downward trend

The dollar traded largely higher against most major currencies on yesterday session after upbeat U.S. weekly jobless claims numbers and third-quarter earnings encouraged demand for the greenback.

The New Zealand dollar dropped sharply against its U.S. counterpart on yesterday session, weighed by the release of softer than expected inflation data from New Zealand, although positive Chinese manufacturing data gave some support to export-related currencies.

Yesterday NZDUSD fell making confirming the bearish flag and close at 0.7820 near the low of the day. The pair is in a bearish phase since September and we had a pullback since start of October but today NZDUSD should resume is downward move.

Expecting downward move to Year low at 0.7707 on a break below the previous day low at 0.7808 (scenario 1).