Most major banks are indicating the major trade flows involving NZD was net selling the NZD. This is due to leveraged investors have now joined the real money community in sellign the NZD. This means that its aggresive sellign form Hedge Funds which basically has juts triggered the sellign signal. How far down you may ask….well it maybe based on a 20 day rolling basis.
As for the pattern shown above on the daily chart, a Z pattern is in play and price currently progressing form C to D but finds support posisbly at the Blue colored zone. If price prices through the Blue zone it then be further fall tot he downside which may very well lasts as citibank has predicted.