The NZDUSD pair confirmed breaking the rising wedge pattern’s support line that appears on chart after closing the daily candlestick below it, which activates the negative effect of this pattern, opening the way to head towards 0.7100 followed by 0.6980 levels mainly.
Therefore, the bearish bias will be suggested in the upcoming sessions supported by the EMA50, noting that stochastic positivity might push the price to retest the previously broken support that turns into resistance now at 0.7290 before declining again, while the bearish trend will remain valid and active unless breaching 0.7290 followed by 0.7329 levels and holding above them.
Expected trading range for today is between 0.7100 support and 0.7329
Expected trend for today: Bearish
Origin: Economies
