The NZDUSD is correcting to the upper border of the descending channel at 0.6635
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 110 pips | Max. 0.6700
Min. 0.6500 |
The New Zealand dollar has been correcting against the US for the third consecutive day. Correction is taking place amid low volatility and is aimed at the upper border of the descending channel – level 0.6635.
Strong resistance of 0.6620 is found close to the channel’s upper border of 0.6635 – the barrier was already breached last week. The test of this “crossroad” will most likely trigger consolidation, followed by the rebound down.
Potential rebound target is found at 0.6500 support, where from the upside correction commenced. The breaking of this level will open the way down towards 0.6400.
Alternative scenario: the breakout of the descending channel’s upper border at 0.6635 will allow the bulls to keep upside correction with the target at 0.6700.
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 is correcting to the upper border of the descending channel at 0.6635
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 110 pips | Max. 0.6700
Min. 0.6500 |
The New Zealand dollar has been correcting against the US for the third consecutive day. Correction is taking place amid low volatility and is aimed at the upper border of the descending channel – level 0.6635.
Strong resistance of 0.6620 is found close to the channel’s upper border of 0.6635 – the barrier was already breached last week. The test of this “crossroad” will most likely trigger consolidation, followed by the rebound down.
Potential rebound target is found at 0.6500 support, where from the upside correction commenced. The breaking of this level will open the way down towards 0.6400.
Alternative scenario: the breakout of the descending channel’s upper border at 0.6635 will allow the bulls to keep upside correction with the target at 0.6700.
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!