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NZD/USD Approaching the 2013-Low

NZD/USD has been falling sharply since the 2014-high at 0.8835 established in July. It has fallen 12.8% to about 0.77. The 2013-low at 0.7683 is right there, and NZD/USD is poised to test this low this coming week. 

(NZD/USD Weekly Chart 10/6)

With the RSI in oversold levels, we might anticipate a consolidation soon. However we should probably wait for at least a week of price action to show us support. 

For example, we have a possible double bottom developing in the 4H Chart. If price can push above 0.79 and stay above this week, we can start considering buying on a dip. However, with the prevailing trend still intact, we should limit our bullish outlook to the 0.81-0.8150 area.

(NZD/USD 4H Chart 10/6)