had formed a double top
earlier in the monthly chart of NZD/USD
, and from a technical view we were already trading below the neckline which was at 0.7700 with respect to the senkou span B border of the ichimoku cloud
, so in other words we were already in a strong supply. Currently price is heading south to short breakout area around 0.6900USD for 1NZD, from where if price becomes extremely oversold we can expect it to go down to 0.6600 next support level
by month of July or August this year. I think price should start consolidating back to the previous neckline area from that point 0.6600 around 0.7600 or max 0.7700 (1000pips) :p. Than again we can expect a reversal if the neckline acts like a future resistance :).