The NZDUSD pair exhibited positive price movements as the trading session commenced today, potentially testing the pivotal resistance at 0.5900 before retracing its steps into a bearish territory.
Technical indicators have begun to furnish negative signals, reinforcing the likelihood of a resumption of the anticipated downward trend in the forthcoming period. The continuation of this bearish outlook hinges upon the pair’s ability to remain below the aforementioned resistance. It is worth noting that our principal downside target rests at 0.5750.
Today’s expected trading range spans from the support level at 0.5800 to the resistance level at 0.5900.
The prevailing trend for today is expected to be bearish.