NZDUSD under the negative pressure – Analysis - 09-02-2017

The NZDUSD pair declined sharply yesterday evening after the RBNZ decision to keep interest rate unchanged at 1.75%, to break the bullish channel’s support and attacks the critical support level at 0.7215 directly, where the price continues its negative pressure to trade below the mentioned level, which provides signals for suffering more of the losses in the upcoming period.

Now, we prefer staying aside in order to monitor the daily candlestick close according to 0.7215 level after absorbing the interest rate decision and the RBNZ statement, where holding below the mentioned level will confirm the extension of the bearish wave towards 0.7049, while the trading above it will reactivate the positive scenario that its targets begin at 0.7329 and extend to 0.7484.

Expected trading range for today is between 0.7100 support and 0.7300

Expected trend for today: Neutral