NZD/USD Bulls are losing momentum

4 January 2016, 

NZD/USD sellers stood their ground and buyers retreated in recent sessions as MACD (26, 12, 9) has fallen off below its median line.

On a 4hr chart, this technical condition may be taken by many trend-following traders as a trigger to liquidate long positions.

The fact that the MACD hasn't been under zero for at least one week of trading, reinforces the argument that room for further NZD/USD depreciation is there.

NZD/USD 2016-01-04T02:45:00

0.67617/0.6763 (-0.085754417091%)

H0.67695 L0.67572

S3	S2	S1	R1	R2	R3
0.6764666239420	0.6783833106358	0.6795166532198	0.6825666824976	0.6844833691914	0.6856167117754

Trend Index	OB/OS Index
Bearish	Oversold