The NZDUSD pair opens today’s trading with bearish bias to retest the previously breached neckline of the double bottom pattern that appears on chart, which forms key intraday support at 0.7245, and the price needs to hold above this level to keep the positive effect of the mentioned pattern active, followed by pushing trading to resume the main bullish trend again.
Therefore, we will continue to suggest the overall bullish trend in the upcoming period supported by stochastic positivity, noting that breaking 0.7245 level might push the price to extend its negative trades and test the main bullish channel’s support at 0.7105 before any new attempt to rise, while the positive targets will start by breaching 0.7329 to open the way to head towards the main bullish channel’s resistance around 0.7690.
Expected trading range for today is between 0.7170 support and 0.7400
Expected trend for today: Bullish
