NZDUSD loses momentum – Analysis - 13-07-2018

The NZDUSD pair fluctuates around 0.6774 level since yesterday, noticing that the EMA50 forms negative pressure to block the price attempts to rise, while stochastic loses its positive momentum clearly.

On the other hand, the price moves inside a minor bullish channel that we believe it will form a bearish flag pattern, which means that breaking 0.6765 will activate the negative effect of this formation and motivate the price to resume the main bearish trend.

Therefore, we will continue to suggest the bearish trend in the upcoming sessions unless breaching 0.6827 level and holding above it, noting that our main waited target is located at 0.6670.

Expected trading range for today is betwenen 0.6670 support and 0.6850

Expected trend for today: Bearish