The NZDUSD pair broke 0.6860 level and ended yesterday’s trading below it, which opens the way to continue the bearish bias in the upcoming sessions, targeting the bullish channel’s support that carries trading since the beginning of this year, noting that the suggested decline is considered as normal decline according to the trading rule inside the price channels.
Therefore, the bearish trend will be suggested temporarily supported by stochastic negativity that appears on the daily time frame, and the waited target is located at 0.6670, noting that breaking this level will extend the bearish wave to target 0.6395 areas on the near term basis, while the negative pressure will remain valid unless the price managed to breach 0.6860 level and hold above it.
Expected trading range for today is between 0.6700 support and 0.6900
Expected trend for today: Temporarily bearish
Origin: Economies
