The NZDUSD keeps correcting to the upside
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 120 pips | Max. 0.6820
Min. 0.6600 |
Having breached the descending trend line at 0.6700, the NZD commenced correction up. To continue ascension, bulls have to break above 0.6735 resistance.
The breaking of the 0.6735 mark will open the way up towards the upper border of the descending channel at 0.6820. If the level is tested at low volumes, the price will most likely bounce down.
Medium-term bearish trend is still relevant. As long as the price keeps within the descending channel, downside potential will preserve.
Alternative scenario: the breakout of the descending channel’s upper border at 0.6820 will be a signal for reversal up.
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 keeps correcting to the upside
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 120 pips | Max. 0.6820
Min. 0.6600 |
Having breached the descending trend line at 0.6700, the NZD commenced correction up. To continue ascension, bulls have to break above 0.6735 resistance.
The breaking of the 0.6735 mark will open the way up towards the upper border of the descending channel at 0.6820. If the level is tested at low volumes, the price will most likely bounce down.
Medium-term bearish trend is still relevant. As long as the price keeps within the descending channel, downside potential will preserve.
Alternative scenario: the breakout of the descending channel’s upper border at 0.6820 will be a signal for reversal up.
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!