The NZDUSD pair provided positive trading yesterday to breach the EMA50 and settle above it, which hints the price attempt to regain its main bullish track, but it needs to breach 0.7323 level to confirm the continuation of rising on the short term and medium term basis.
On the other hand, stochastic forms negative factor now that might push the price to break the bullish channel’s support at 0.7245 followed by pushing trading to reactivate the negative scenario again.
Therefore, we prefer staying aside temporarily in order to monitor the price behavior according to the above mentioned levels, noting that breaching 0.7323 level will lead the price to target 0.7600 areas mainly, while breaking 0.7245 level will push trading to test 0.7093 level initially.
Expected trading range for today is between 0.7150 support and 0.7400
Expected trend for today: Depends on the above mentioned levels
Origin: Economies
