The NZDUSD is making a move below a key trendline support near 0.5914, that has been connecting higher lows since May. This trendline has been a critical technical floor for the pair. A sustained break below this level signals a potential shift in momentum in favor of the sellers – but with work to do.The immediate target on the downside comes at 0.5903, which marks the low from July. A further break opens the door toward a swing area between 0.5882 and 0.5892 (highlighted by red numbered circles), which has acted as both support and resistance on multiple occasions. Below that, the 38.2% Fibonacci retracement of the April–June rally sits at 0.58769 — a key technical level that would suggest the sellers are gaining stronger control if breached. All those levels are fairly close together suggesting potential for the buyers to lean against the areaWhile the pair had been consolidating in a downward-sloping range after peaking in June, this potential breakdown beneath the trendline adds weight to a bearish bias, especially if the price can stay and build below 0.5914.Support targets:0.5903 (July low)0.5892–0.5882 (swing zone)0.58769 (38.2% retracement)Resistance to watch:0.5914 (broken trendline now resistance)0.5667 – 0.5977 (swing area tested at the high price today0.59838 (falling 100 bar moving average on the 4 hour chart)Traders will be watching for continued downside momentum or a failed break and bounce back above 0.5914 to signal a possible bear trap. This article was written by Greg Michalowski at investinglive.com.