Goldman Sachs has a very bearish outlook for NZD/USD. Here's what Forexlive says:Goldman Sachs expect 3 rate cuts of 25bp apiece in Aug, Nov and Mar. Their reasoning;"In a scheduled "Economic Update" published on Thursday, the RBNZ signalled a significant strengthening in its easing bias, and dovish shift across its views on domestic inflation and domestic/global growth. At the heart of many of these changes is renewed concern about the elevated NZD. In our view, these changes make clear that the RBNZ is positioning for a deeper easing cycle, notwithstanding ongoing risks to financial stability from rising house prices."Totting it all up into dollars and cents, they see NZDUSD at the following levels; 0.68 3 months0.64 6m0.62 12m(Full article on Forexlive.com)Before getting ahead of ourselves with the bearish targets, let's take a look at the 4H chart.NZD/USD 4H Chart 7/22(click to enlarge)Sharp reversal:The 4H chart shows a NZD/USD that has been bullish but hit resistance at 0.7325. After that, it retreated sharply and is now hovering above 0.6950. A break below 0.6950 should open up the 0.68 area, which is the above-mentioned 3-month target for Goldman. Trading at critical support:Now, before we look for this dip, I think we should first anticipate some consolidation, or bullish correction.The 4H RSI is showing a bullish divergence. With price at a critical support and the RSI showing oversold condition, we can see some buying. However, the bullish outlook should be limited to the 0.71 area.A break above 0.7150 on the other hand could invalidate the bearish outlook and revive a bullish outlook at least towards 0.7250 then the 0.7325 high.