NZDUSD touches the target – Analysis - 12-01-2018

The NZDUSD pair succeeded to touch our main waited target at 0.7260 and settles there, which represents 61.8% Fibonacci correction level for the bearish wave that appears on the chart, accompanied by witnessing clear overbought signals through stochastic, which might push the price to rebound bearishly and head towards achieving negative targets that start at 0.7170.

Therefore, the bearish bias will be suggested for today, noting that breaking the targeted level will push the price towards 0.7077 as a next station, while breaching 0.7260 will stop the expected decline and lead the price to extend its gains towards 0.7375 direct.

Expected trading range for today is between 0.7170 support and 0.7320

Expected trend for today: Bearish