The NZDUSD currency pair witnessed pronounced bearish sentiment in the previous session, successfully breaching the critical barrier at 0.5800 and subsequently settling beneath it. This move brings the pair in proximity to the anticipated target at 0.5750, with further bearish objectives set at 0.5670.
As a result, the bearish trend scenario retains its validity for the upcoming period, reinforced by the persistent downward pressure exerted by the EMA50. It’s worth noting that only a breach above 0.5815 could potentially prompt the pair to register intraday gains and test 0.5900 before any renewed attempts at downside movement.
In today’s trading context, the expected range spans from the support at 0.5710 to the resistance at 0.5810, with the overall trend outlook for the day remaining bearish, following the decisive breach of the 0.5800 barrier.