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NZD/USD under pressure

The NZD/USD pair on daily chart has formed a bearish reversal pattern, three black crows, indicating weakness in the established up-trend and potential emergence of a near-term down-trend.
This support break-point now seems to act as immediate resistance for the pair on the upside.

Last week, the yen fell to its lowest level in three weeks against the dollar on Friday amid speculation that the Bank of Japan could step up monetary easing measures at its upcoming policy review.

On the downside, a follow-up selling pressure below Friday’s lows support near 0.6835-30 is likely to accelerate the fall towards its next major support near 0.6780-70 confluence region, comprising of 50-day and 38.2% Fibonacci retracement level.

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