The NZDUSD price declined slightly in its last intraday trading, in a correctional move to gain some of the previous rise’s gains, besides the price attempt to gain positive momentum that reinforces the chances for recovery later.
This decline appeared at the same time with the appearance of clear overbought signals on the (RSI), accompanied with the beginning of forming negative overlapping conditions that might reflect temporary pressures, while the price remains generally positive, supported by its trading above EMA50, and under the domination of the main bullish trend on the short-term basis.
Therefore, our expectations suggest the NZDUSD rise in its upcoming intraday trading, conditioned by the stability of the support level at 0.5940, to target the key resistance at 0.6030 preparing to attack it.
The expected trading range is between 0.5955 support and 0.6030 resistance.
Today’s forecast: Bullish
Origin: Economies
