The NZD/USD plunged today and deleted the yesterday’s gains, but it could still climb much higher in the upcoming period if the USDX will fail to climb above the 95.17 today’s high. The pair dropped and failed to stay above a broken dynamic resistance and now stands below it.

Price is almost to reach a static support, we’ll see how will react when will hit this downside obstacle, a rebound could still force the rate to make a valid breakout above the mentioned dynamic resistance. The Kiwi dropped significantly also because the New Zealand GDT Price Index dropped by 3.5%, more versus the 1.0% drop in the former reading period.

On the other hand, the USD received support from the JOLTS Job Openings indicator, which remained steady at 6.09M for the second month in September, even if the traders have expected to see a drop to 5.98M. Moreover, the IBD/TIPP Economic Optimism increased from 50.3 to 53.6 points, beating the 51.2 estimate. The United States released the Consumer Credit which increased from 13.1 to 20.8 points, beating the 18.4B estimate, but the greenback wasn’t inspired by this.

Price dropped and failed to stabilize above the median line (ml) of the minor descending pitchfork. It was almost to reach the 0.6885 static support. A failure to drop below the mentioned static support will signal a breakout above the median line (ml). I’ve said in the previous reports that the rate could climb towards the upper median line (uml) of the minor descending pitchfork if will close above the median line (ml) and if will stabilize above the 0.6885 level.

However, you should know that the perspective remains bearish on the Daily chart as long as the rate is trading within the descending pitchfork’s body and below the sixth warning line (WL6) and below the third warning line (wl3). A further drop will be confirmed only after the rate will close below the 0.6817 previous low.