NZDUSD stops at the correctional level – Analysis - 10-02-2017

The NZDUSD pair resumed its negative trading yesterday to test 0.7174, which represents 38.2% Fibonacci level for the rise measured from 0.6848 to 0.7375, forming solid support base that we expect to push the price to rise again, especially that stochastic provides clear positive signals on the four hours' time frame.

Therefore, we expect resuming the bullish trend in the upcoming sessions, and the main targets begin by breaching 0.7250 barrier to ease the mission of heading towards the previously recorded top at 0.7375 as a next main target, taking into consideration that breaking 0.7174 will extend the correctional bearish wave to 0.7112 and might go to 0.7049 before any new attempt to rise.

Expected trading range for today is between 0.7100 support and 0.7300

Expected trend for today: Bullish