The NZDUSD pair’s recent trades are confined within bearish pennant pattern that appears on the chart, thus, the price needs to break 0.6095 to activate the negative effect of this pattern followed by rallying towards achieving negative targets that start at 0.6070 and extend to 0.6000 after surpassing the previous level.
Therefore, we will continue to suggest the bearish trend for the upcoming period supported by the negative pressure formed by the EMA50, noting that breaching 0.6140 will stop the expected decline and push the price to turn to rise.
The expected trading range for today is between 0.6060 support and 0.6160 resistance
The expected trend for today: Bearish
Origin: Economies
