NZDUSD faces more negative pressure – Analysis - 09-03-2017

The NZDUSD pair continues its negative trading after breaking the main bullish trend line that appears in the image, where it achieves break to 50% Fibonacci correction level for the bullish wave that was measured from 0.6346 to 0.7483, which means that the price in its way to head to the next correctional level at 0.6780, forming the next target in the upcoming period.

Therefore, we wait for more of the downside track on the intraday and short term basis, pointing that breaching 0.7049 level will stop the current bearish pressure and leads the price to recovery attempts.

Expected trading range for today is between 0.6780 support and 0.6965

Expected trend for today: Bearish