Technical outlook:

NZD/USD dropped through the 0.6234 low on Tuesday, just shy from ts previous swing lows around 0.6215. The structure still remains constructive for bulls to take control and push the price towards 0.6700 or further. The bottom line presupposes that prices should stay above the 0.6215 mark to keep the above count valid.

NZD/USD earlier dropped through the Fibonacci 0.618 retracement of its larger degree upswing between 0.5469 and 0.7465 (the entire boundary is not visible here). It is quite possible for bears to print a shallow low below the 0.6200 mark before giving in to bulls. Either way, the structure will remain constructive for bulls to take control soon.

NZD/USD is working on a larger degree of bearish swing between 0.7034 and 0.6215. High probability remains for at least a counter trend rally through the 0.6700 mark. Bulls will be poised to come back in control either from the current levels or after printing a shallow low below the 0.6215 mark.

Trading plan:

Potential rally through 0.6700 against 0.6200

Good luck!