The NZDUSD pair bounced clearly to the downside after approaching from retesting the previously broken neckline of the head and shoulders’ pattern at 0.7220, to head towards our main waited target at the bullish channel’s support, located now at 0.7015.
Therefore, the bearish trend will remain valid and active for the upcoming sessions supported by the EMA50, conditioned by the price stability below 0.7220 level, being aware that it is important to monitor the price behavior when reaching the targeted level, as breaking it represents the key to extend the bearish wave towards 0.6862 as a next main station, while holding against the negative pressure will push the price to resume its main bullish track according to the trading rules inside the price channels.
Expected trading range for today is between 0.6980 support and 0.7160
Expected trend for today: Bearish
Origin: Economies
