We just missed being filled at 0.6525 last night before NZD/USD came another 75 points. Kiwi then broke down through 0.6560 support an hour into the New York session to a 0.6530 area low. Our focus level was to get short on the re-test of former support-turned-resistance at 0.6555 with stops over 0.6585. The high offer was approximately 0.6587 this morning, so depending on your stop placement, you might still be in the trade.

Notice the 1.618 Fib projection of the pervious leg A-B places D1 support at this morning's low of 0.6534. The original plan was for this level to be just a stopping point on the way down to the D2, 2.0 projection at 0.6489. Hopefully it does t turn into a full-fledged reversal.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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