NZDUSD retests – Analysis - 27-12-2016

The NZDUSD pair successfully retested 0.6915 level and rebounds bearishly from there, to keep the bearish trend scenario valid on the intraday and short term basis, which targets testing 0.6780 mainly, noting that this level represents 61.8% Fibonacci correction for the rise measured from 0.6346 to 0.7484, which means that breaking it will put the price under more negative pressure on the longer term basis.

In general, the expected decline will remain valid and active unless the price managed to breach 0.6975 and holding above it.

Expected trading range for today is between 0.6780 support and 0.6940

Expected trend for today: Bearish