The EMA50 managed to protect trading inside the main bullish channel that appears on chart, as the NZDUSD pair leaned well on the support base formed by the moving average, to bounce strongly to the upside to resume its main bullish track, noticing that stochastic provides positive overlapping signal on the four hours’ time frame.
Therefore, we believe that the chances are valid now to breach 0.7323 level, which will open the way to extend the bullish wave to target the bullish channel’s resistance at 0.7530, noting that holding above 0.7190 level represents key condition to continue the expected rise.
Expected trading range for today is between 0.7200 support and 0.7400
Expected trend for today: Bullish
Origin: Economies
