NZDUSD breaches the resistance – Analysis - 05-01-2017

The NZDUSD pair begins today's trading with clear positivity to breach 0.6975 level and settles above it, which opens the way to continue the bullish bias in the upcoming sessions, and the target is testing 0.7049 level before any new attempt to decline.

Therefore, the bullish trend will be suggested for today supported by the completion of the double bottom pattern that appears on chart, noting that the expected rise is temporary, waiting to rebound bearishly to resume the main bearish trend that its targets begin at 0.6915 and extend to 0.6780, taking into consideration that breaching 0.7049 will stop the bearish trend scenario and lead the price to attempt to regain the medium term bullish trend.

Expected trading range for today is between 0.6900 support and 0.7049

Expected trend for today: Bullish temporarily