NZD/USD - NZD/USD dips below 0.8000 - 09/25/2014 (GMT)

• NZD/USD tumbled during the Asian morning, falling below the psychological barrier of 0.8000. If the bears are strong enough to maintain the rate below that key line, I would expect them to pull the trigger for extensions towards the next support obstacle at 0.7930 (S2). Shifting our attentions to our momentum studies, the RSI crossed below its 30 line, while the MACD remains below both its zero and signal lines, pointing down. This designates accelerating bearish momentum and amplifies the case for further declines in the near future. As long as the pair is trading below the near-term blue downtrend line and below the prior longer-term uptrend line (light blue line), drawn from back at the 30th of August 2013, the overall picture remains negative, in my view.
• Support: 0.7930 (S1), 0.7850 (S2), 0.7725 (S3)
• Resistance: 0.8000 (R1), 0.8080 (R2), 0.8180 (R3)