The NZDUSD pair was under negative pressure yesterday to break 0.7174 level and settles below it, but by looking deeper in the chart, we find that the last trading confined within falling wedge’s pattern that appears in the image, which means that breaching its resistance at 0.7180 will activate the positive effect of this pattern, then pushes the price to resume the main bullish trend, which its main targets begin at 0.7250 and extend to 0.7375.
Therefore, the bullish trend scenario will remain preferred in the upcoming sessions, being aware that the price failure to breach 0.7180 will push the price to continue its bearish correction, followed by testing 0.7112 level and might extend to 0.7049 before any new attempt to rise.
Expected trading range for today is between 0.7100 support and 0.7280
Expected trend for today: Bullish
Origin: Economies
