NZDUSD activates the positive pattern – Analysis - 16-02-2017

The NZDUSD pair rallied higher strongly after confirming the completion of the falling wedge’s pattern that we mentioned in our last reports, which makes the price approach from our initial main target at 0.7250, waiting for more of the upside moves to breach the mentioned level then head towards the next target at 0.7375.

Stochastic current negativity and the negative pressure that comes from the EMA50 might force the price to provide some temporary negative trading before it returns to rise again, being aware that holding above 0.7174 represents an important condition for the continuation of the bullish trend.

Expected trading range for today is between 0.7155 support and 0.7329

Expected trend for today: Bullish