The NZD/USD currency pair records slight losses near 0.6260 as it declines for a second day in a row going into Wednesday’s European session.
The Kiwi pair now displays a further downward movement below the 200-SMA in addition to extending its drop from the 50-SMA.
The bear cross that is about to occur on the MACD indicator and the lower high formation that has been seen since December 13 are additional indicators of downward movement.
With that said, the NZD/USD pair’s future decline is controlled by an upward-sloping support line from November 28, which is located near 0.6245. 
The monthly low near 0.6230 and the swing low around 0.6290 from late November also serve as the short-term important supports.
In the meantime, the NZD/USD pair’s November 28 to December 13 upside Fibonacci retracement level, commonly known as the “Golden Ratio,” it protects the pair’s initial rebound moves of 0.6290 and the 200-SMA barrier of 0.6283.
