NZDUSD approaches the support – Analysis - 22-02-2018

The NZDUSD pair traded with clear negativity yesterday to approach the key support 0.7281, as the price moves within minor bearish channel that appears on the chart, falling under the EMA50 negative pressure now, which urges caution from the upcoming trading, as breaking the mentioned support will force the price to return to the correctional bearish track and target 0.7185 level as a next station.

On the other hand, breaching 0.7380 will complete forming bullish flag pattern that has the ability to push the price to resume the main bullish trend that its main targets begin at 0.7436 and extend to 0.7550.

Therefore, we prefer staying aside temporarily until the price confirms its next destination clearly through breaching one of the next trend keys represented by 0.7281 support and 0.7380 resistance.

Expected trading range for today is between 0.7220 support and 0.7400

Expected trend for today: Depends on the above mentioned levels