NZDUSD reaches the first extended target – Analysis - 23-10-2017

The NZDUSD pair continued its decline to managed to reach the thresholds of the first target mentioned in our previous report at 0.6920, noticing that the price shows some bullish bias now on its way to retest 0.6992 that was broken previously before resuming the decline again.

In general, we will continue to suggest the bearish trend in the upcoming sessions supported by the EMA50, as the price is organized inside bearish channel that supports the chances of heading towards the previously recorded low at 0.6817, noting that breaching 0.6992 will lead the price to start recovery attempts and turn to rise again.

Expected trading range for today is between 0.6860 support and 0.7020

Expected trend for today: Bearish