The NZDUSD broke strong support at 0.6815
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 110 pips | Max. 0.6935
Min. 0.6700 |
The New Zealand dollar keeps trading in a steady downtrend. It was clearly indicated by the breakout of strong 0.6815 support, which had held back the price twice last week.
Level 0.6815 is currently acting as strong resistance. The re-test of the level will most likely trigger a short-term consolidation, followed by the bounce down.
Potential decline targets are situated at 0.6745, 0.6700 supports.
Alternative scenario: if bulls manage to break the descending trend line at 0.6835, the price will turn up for correction into the upper border of the descending channel – 0.6935.
Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!
The NZDUSD broke strong support at 0.6815
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 110 pips | Max. 0.6935
Min. 0.6700 |
The New Zealand dollar keeps trading in a steady downtrend. It was clearly indicated by the breakout of strong 0.6815 support, which had held back the price twice last week.
Level 0.6815 is currently acting as strong resistance. The re-test of the level will most likely trigger a short-term consolidation, followed by the bounce down.
Potential decline targets are situated at 0.6745, 0.6700 supports.
Alternative scenario: if bulls manage to break the descending trend line at 0.6835, the price will turn up for correction into the upper border of the descending channel – 0.6935.
Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!