NZDUSD resumes the decline – Analysis - 22-12-2016

The NZDUSD pair settled below 0.6915 level again, confirming the continuation of the negative effect of the previously completed head and shoulders' pattern, to support the continuation of the bearish trend on the short term basis, and the way is open to test 0.6780 level as a first main target.

Therefore, we are waiting for more decline in the upcoming sessions supported by the negative pressure provided by the EMA50, noting that breaching 0.6970 level will stop the negative overview and lead the price for recovery attempts that its main targets begin by testing 0.7049.

Expected trading range for today is between 0.6780 support and 0.6970

Expected trend for today: Bearish