NZDUSD 0.7110: Extends fall within a 6-week falling channel

NZDUSD extends the fall within a 6-week falling channel towards the multi-year low at .7076 (June 1, 2015). A breakdown there would accelerate the broad downtrend towards the key support levels including .6946 (August 25, 2010 low) and .6793 (July 1, 2015 low) near 50% of the .4890/.8835 rise (March 2009 low to July 2014 high) where consolidation could potential follow. The resistance at .7200 (June 2, 2105 high) then .7271 (May 27, 2015 high) should cap near-term bounces.
Outlook:
Short term: bearish
Long term: bearish