NZD/USD’s fall from 0.6217 accelerates after RBNZ left OCR unchanged. Current development affirms the case that corrective recovery from 0.6037 has completed at 0.6217 already. Further decline is in favor as long as 0.6177 minor resistance holds. Firm break of near term channel support will bring retest of 0.6037 will argue that decline from 0.6368 is ready to resume through 0.6037 to 61.8% projection of 0.6368 to 0.6037 from 0.6217 at 0.6012
In the bigger picture, fall from 0.6368 is seen as the third leg of the corrective pattern from 0.6537 (2023 high). Deeper decline would be seen to 0.5771 (2023 low) in the medium term, and possibly below. But break of 0.5511 long term bottom (2021 low) is not envisaged.
