The NZD/USD currency pair has exhibited a bullish bounce, testing the resistance level within the bearish channel as illustrated on the chart. Notably, the EMA50 (Exponential Moving Average 50) coincides with this resistance, providing added strength to it. Furthermore, the stochastic indicator is displaying a clear loss of positive momentum.
These combined factors support the likelihood of a resumption of the expected bearish movement in the short-term and intraday periods.
As such, we anticipate witnessing negative trading sessions in the near future, with initial targets set at 0.5750 and subsequently 0.5670. It is essential to consider that breaching the 0.5830 level could potentially push the price to achieve additional gains, targeting 0.5900, before any new bearish attempt is made.
The expected trading range for today is expected to fall between the support at 0.5760 and the resistance at 0.5850.
Today’s expected trend: Bearish