NZDUSD tests the key resistance – Analysis - 16-03-2017

The NZDUSD pair rallied higher strongly yesterday to hit the critical resistance level at 0.7049 without breaching it, showing signals for bearish rebound now that might push the price to test 0.6915 support again, pointing that the price confined between the mentioned levels and needs to breach one of them to detect its next trend clearly.

Therefore, we will stay aside temporarily until getting clearer signal for the next trend, pointing that breaking 0.6915 level will push the price to resume its bearish correctional track that its next target located at 0.6780, while breaching 0.7049 will stop the current negative pressure and leads the price to achieve gains that begin at 0.7215 and extend to 0.7484.

Expected trading range for today is between 0.6900 support and 0.7100

Expected trend for today: Depends on the above mentioned levels