The NZDUSD pair bounced bullishly yesterday after attempting to break 0.7300 level, to fluctuate around the EMA50, as stochastic loses its positive momentum to form negative factor that we are waiting to assist to push the price to decline again.
In general, we believe that the chances still valid to resume the bearish trend mentioned yesterday, reminding you of the rising wedge formation that its confirmation line located at 0.7230, which means that breaking this level will push the price to trade negatively and head towards 0.6950 on the near term basis, while the bearish trend will remain valid unless breaching 0.7500 level and holding above it.
Expected trading range for today is between 0.7200 support and 0.7400
Expected trend for today: Bearish
Origin: Economies
