The New Zealand dollar remains in the medium-term downtrend, each new low on the Daily timeframe is lower than the previous one. The nearest mid-term selling opportunity will appear after the correction is completed.
COT net position indicator decreases, large speculators sell, the trend direction on the Daily timeframe coincides with the professionals’ opinion. That increases the probability of medium-term bear signals success. The nearest target is Thursday’s minimums. In case of the correction continuation from current prices, a new support level of the Daily timeframe will be formed around these marks. If the market closes above the nearest resistance level, that is the highs of August 17-22, short positions will no longer be relevant.