NZDUSD rebounds bearishly – Analysis - 19-05-2017

The NZDUSD pair shows negative trading after testing the bearish channel's resistance that appears on chart, as the EMA50 met this resistance to add more strength to it, reinforcing the expectations of continuing the bearish trend on the intraday and short term basis.

Therefore, we believe that the way is open to target 0.6780 levels mainly, which breaking it represents the key to extend the bearish wave towards 0.6614, while holding below 0.6915 – 0.6940 levels represents main condition to continue the expected decline.

Expected trading range for today is between 0.6780 support and 0.6940

Expected trend for today: Bearish