NZD/USD Medium-Term Outlook - bearish ranging for breakdown

UBS Group made a medium-term forecast for NZD/USD estimated to sell at 0.65 with 0.66 stop loss value. Let's evaluate this forecast with the technical point of view.

NZD/USD: bearish ranging for breakdown. The pair is on bearish market condition for the ranging within 0.6895 resistance level and 0.6102 support level: the price is trying to break 0.6436 intermediate support from above to below for the bearish trend to be continuing.

• if the price breaks 0.6436 support level from above to below so the bearish trend will be continuing up to 0.6102 as the next bearish target;
• if the price breaks 0.6102 support level from above to below so we may see the bearish breakdown with S3 Pivot at 0.6029 as the target;
• if the price breaks 0.6895 resistance level from below to above so we may see the local uptrend as the secondary market rally within the primary bearish market condition;
  
• if not so the price will be moved within the channel.