The NZDUSD touches the target – Analysis - 31-05-2023

The NZDUSD pair succeeded to touch our waited target at 0.6020, starting today with additional decline to break this level and attempt to hold below it, which supports the continuation of the correctional bearish trend domination, paving the way to achieve additional negative targets that reach 0.5900.

Stochastic provides negative signals that support the expectations to decline, taking into consideration that failing to consolidate below 0.6020 will stop the current negative pressure and lead the price to attempt to recover on the intraday basis.

The expected trading range for today is between 0.5950 support and 0.6050 resistance

The expected trend for today: Bearish