The NZDUSD draws positive pattern – Analysis - 07-04-2020

The NZDUSD pair fluctuates around 0.5958 resistance, and the price breached the bearish trend line that appears on the chart, and by taking a deeper look at the chart, we find that the price draws an inverted head and shoulders’ pattern that its confirmation line located at the mentioned resistance, which means that breaching it will motivate the price to achieve gains that reach 0.6073.

Therefore, we believe that the chances valid to trade positively in the upcoming sessions, and breaching 0.5958 represents major condition to achieve the suggested rise, noting that breaking 0.5885 will cancel the suggested positive formation and press on the price to resume the main bearish track.

The expected trading range for today is between 0.5885 support and 0.6050

The expected trend for today: Bullish