The NZDUSD pair achieved initial breach to the previously broken neckline of the head and shoulders’ pattern, but it faces negative pressure formed by the EMA50, which protects the stability below the key resistance 0.7275, keeping the chances valid to resume the bearish trend again.
Therefore, we will continue to suggest the bearish trend in the upcoming sessions unless breaching 0.7275 followed by 0.7329 levels and holding above them, noting that the expected targets begin at 0.7100 and extend to 0.6990.
Expected trading range for today is between 0.7120 support and 0.7300
Expected trend for today: Bearish
Origin: Economies
