NZDUSD is trading at 0.6431; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.6455 and then resume moving downwards to reach 0.6260. Another signal in favor of further downtrend will be a rebound from the resistance level.
However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 0.6510. In this case, the pair may continue growing towards 0.6595. To confirm further decline, the asset must break the neckline of a Head & Shoulders reversal pattern and fix below 0.6355.
Orgin: RoboForex
