NZDUSD within negative pattern – Analysis - 07-11-2017

The NZDUSD pair showed positive trading yesterday to move within minor bullish channel that appears on chart, which we believe that it forms bearish flag pattern that supports the chances of continuing the main bearish trend, and the price needs to break 0.6880 level to activate the negative effect of the mentioned pattern followed by heading towards testing 0.6818 level initially.

Therefore, the bearish trend will remain suggested in the upcoming sessions, and breaking the targeted level will extend the bearish wave to reach 0.6617, while holding below 0.6992 represents key condition to continue the expected decline.

Expected trading range for today is between 0.6820 support and 0.6992

Expected trend for today: Bearish