The NZDUSD pair is currently experiencing fluctuations around the resistance of a bearish channel, encountering challenges in breaching this level as a consequence of the prevailing negative signals exhibited by the stochastic indicator. Market observers are eagerly awaiting the emergence of a positive catalyst capable of propelling the price to resume its upward trajectory, thereby reinvigorating the bullish bias and subsequently attaining the anticipated target at 0.6020.
As it stands, the bullish trend scenario remains valid and active, extending into the foreseeable future, unless a conclusive breach of the 0.5900 level is achieved, accompanied by sustained trading activity below this threshold.
In terms of today’s trading outlook, the projected range is expected to span from the support level of 0.5930 to the resistance level of 0.6020. Accordingly, the expected trend for the day leans towards a bullish perspective.