NZD/USD - Is breaking below major support

NZD/USD

If we close below the neckline support near 0.7900 today, then the Kiwi dollar will be in major trouble. If the break is confirmed then the first target is at 0.7369 and if this support is broken we will be looking at a much deeper decline towards 0.6859 and maybe even down to 0.6390. In the most extreme case we could revisit the 2009 bottom at 0.4876.

But remember that a close below 0.7900 is need to confirm the downside targets.