NZDUSD heads to retest – Analysis - 29-12-2016

The NZDUSD pair surpassed 0.6915 barrier and surpasses above it, paving the way to head towards retesting the previously broken neckline of the head and shoulders' pattern that appears on chart, which forms the most important resistance at 0.6975, and as long as the price is below this level, the negative effect of the mentioned pattern will remain active, to continue the bearish trend to dominate the intraday and short term trading.

Therefore, we will continue to suggest the bearish trend in the upcoming period as long as 0.6975 level remains intact, reminding you that the next main waited target is located at 0.6780, which represents 61.8% Fibonacci correction level for the rise measured from 0.6346 to 0.7484.

Expected trading range for today is between 0.6800 support and 0.6975

Expected trend for today: Bearish