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NZDUSD : More Losses to Come, Might Decline Below .7685

NZDUSD today extended losses by breaking below the falling wedge fading away the bullish expectations. The New Zealand Dollar came under pressure after the US data last week showed that the U.S. gross domestic product was revised up to 4.6% in the second quarter which was the fastest rate of growth since fourth quarter of 2011. Whereas on the other hand the currency also came under pressure after Reserve Bank of New Zealand Governor Graeme Wheeler said that he is prepared to sell the currency to weaken it.

NZDUSD : Hourly Chart

On the hourly chart, the pair was trading within a falling wedge pattern to which the pair would have rose but the fundamentals continues to dominate and the pair declined below the falling support trend line. Now the pair is again trying to revive after finding support at .7712 but it will again find resistance from the falling resistance trend line.

NZDUSD : Daily Chart

On the daily chart, the pair may continue to decline and find the support at .7685 which provided supported to the pair earlier also. There seems a falling resistance trend line, so even if the pair tries to rebound it will again find resistance from this trend line and decline. According to the trend the pair should decline below the key support at .7685.