The NZDUSD attempts positively – Analysis - 17-05-2021

The NZDUSD pair traded with clear positivity in the previous sessions to return to the intraday bullish channel again, but it begins today with bearish bias affected by stochastic negativity, which might press on the price to resume the negative trades again.

Therefore, the contradiction between the technical factors makes us prefer staying neutral until the price confirms its situation according to 0.7220 level, as holding above it will push the price to achieve new rise that targets 0.7300 areas initially, while breaking it represents the key to resume the negative scenario that its first target located at 0.7110.

The expected trading range for today is between 0.7160 support and 0.7280 resistance

The expected trend for today: Neutral