The rising wedge’s support line formed solid barrier against the NZDUSD pair’s attempts to decline, which forces the price to rebound bullishly now, affected by stochastic positivity, heading towards new test to the key resistance 0.7329, which is met by the EMA50 to add more strength to it.
Now, we prefer staying aside temporarily in order to monitor the price behavior according to the key levels represented by 0.7255 support and 0.7329 resistance, waiting to breach one of them to detect the next destination clearly, noting that breaking the mentioned support will activate the negative effect of the rising wedge pattern, which will push the price to head towards 0.6970 direct, while breaching 0.7329 resistance represents positive factor that will lead the price to regain the main bullish trend that its next target located at 0.7540.
Expected trading range for today is between 0.7200 support and 0.7400
Expected trend for today: Depends on the above mentioned levels
Origin: Economies
