The NZD/USD has been pretty much a straight downward path since the end of April after retreating from 0.7742 and thus ending a multi-month consolidation. The daily chart shows the persistent downtrend since May.NZD/USD Daily Chart 7/28(click to enlarge) The daily chart also shows that since mid-July, NZD/USD has neutralized. The consolidation has taken a bit of a bullish attempt this week as price cracks a falling trendline from the 0.7742 high. With this breakout, we can maybe expect some short-term bullish correction. But unless the FOMC announces that it no longer wants to raise rates in the upcoming couple of quarters, we should maintain a bearish outlook on NZD/USD. A good first place to look for resistance will be the support/resistance pivot area around 0.68, In fact, a bearish market might hold resistance even lower than that at the 0.6742-0.6770 resistance area seen in the 4H chart. NZD/USD 4H Chart 7/28 (click to enlarge)This area involves the 200-period SMA in the 4H chart and a support/resistance pivot area. Plus, the RSI would likely be around 70, overbought, area. We can anticipate a clear-out to 0.68 as noted before, but let's start monitoring for resistance around 0.6740.To the downside, our first target could be just above the 0.66 area, in case the NZD/USD still has more consolidation/correction to go. A break below 0.66 on the other hand would most likely put the 0.6488 low on sight with risk of extending lower in-line with the prevailing trend.