The NZDUSD pair ended last week with clear negativity to complete forming double top pattern that appears on the above chart, as the price confirmed breaking this pattern’s neckline at 0.7140, which puts the price under negative pressure that we expect to push trading towards 0.7025 areas mainly.
Stochastic provides negative overlapping signal on the hourly time frame, which supports our bearish overview for the upcoming period, which will remain valid and active unless breaching 0.7140 followed by 0.7170 levels and holding above them.
Expected trading range for today is between 0.7000 support and 0.7200
Expected trend for today: Bearish
Origin: Economies
