Midday update for NZDUSD 25-11-2016

The NZDUSD pair traded positively this morning to retest 0.7049 again and keeps its stability below it, as this level represents the first protecting factor to the recently suggested correctional bearish trend scenario besides holding below 0.7140 resistance, accompanied by stochastic reach to the overbought areas, which forms negative pressure that we are waiting to push the price to decline again.

Therefore, our bearish overview will remain valid until now unless breaching the above mentioned level, waiting to resume the bearish bias that its targets begin at 0.6914 and extend to 0.6780 after breaking the previous level.

Expected trading range for today is between 0.6900 support and 0.7100

Expected trend for today: Bearish