NZDUSD 0.6525: bearish – Tests 3-month falling channel support

NZDUSD slumped to a new 6-year low at .6497 Thursday (July 16, 2015), testing a 3-month falling channel (as shown on the 240minute chart). While the .6667/.6741/.6770 zone near the channel resistance continues to cap bounces, scope remains for further downside to expose the .6388 area (the 61.8% retracement of the .4890/.8835 2009/2014 upswing). However, if NZD bulls mange to reclaim the .6770 area, further gains towards .6881/6923 (June 25/29, 2015 highs) would be expected.
Outlook:
Short term: bearish
Long term: bearish