NZD/USD Technical Analysis: Drops below 0.68, could slide further toward rising trendline support

NZD/USD dropped below 0.68 soon before press time and risks falling further toward 0.6756, which is the support of the trendline connecting the Oct. 9 and Jan 3 lows or the lower edge of the ascending triangle pattern. 

The pair created a doji candle yesterday - a sign of indecision - as it struggled to cross the upper edge of the triangle. Therefore, the sell-off seen today indicates a transition from the indecision/bullish exhaustion (as doji appeared at key resistance) to bearish market, i.e. a bull-to-bear trend change. 

That said, the drop to support at 0.6756 could happen after a minor bounce, as RSIs on both the hourly and 4-hour charts are reporting oversold conditions. 

Daily chart

Trend: Bearish