NZDUSD tests the key resistance – Analysis - 13-12-2017

The NZDUSD pair tests the most important resistance to the short term trades at 0.696, as this level represents 23.6% Fibonacci correction for the decline measured from 0.7558 to 0.6780, which means that breaching it will push the price to extend the bullish correction towards 0.7077 as a next station.

In general we will continue to suggest the bearish trend for the upcoming period unless breaching 0.6964 level and holding above it, noting that the waited targets begin at 0.6862 and extend to 0.6780.

Expected trading range for today is between 0.6860 support and 0.7000

Expected trend for today: Bearish