NZDUSD begins to recover – Analysis - 07-03-2017

The NZDUSD pair begins the upside rebound after approaching from 76.4 % Fibonacci level at 0.6973, where the price touched the bearish correctional channel’s support that appears in the image, and according to the trading rules within the price channels we expect that the price will begin forming bullish wave that targets 0.7150 levels initially.

Therefore, we prefer witnessing positive trading in the upcoming period, supported by the positive overlapping signal that comes from stochastic, pointing that breaching 0.7174 level will lead the price to achieve more of the gains and confirm stopping the bearish correction that controls the last trading, while breaking 0.6973 will stop the positive possibility and pushes the price to suffer more of the losses on the short term basis.

Expected trading range for today is between 0.6915 support and 0.7112

Expected trend for today: Bullish