Midday update for NZDUSD 20-01-2017

0.7215 level still form a strong obstacle against the NZDUSD pair’s positive attempts, which makes the trading bounces lower strongly approaching from the critical support at 0.7115, as we mentioned this morning, holding above this level represents the first condition for the continuation of the waited bullish trend, which gets continuous support from the EMA50.

Therefore, we will keep our positive expectations valid until now, waiting for breaching 0.7215 level to confirm the extension of the bullish wave to 0.7329, being aware that breaking 0.7115 level will push the price to head towards 0.7049 before any new attempt to rise.

Expected trading range for today is between 0.7100 support and 0.7329

Expected trend for today: Bullish