The NZDUSD pair has recently been trading in a range defined by the 0.5900 support and the 0.5940 resistance level. This narrow trading range has led us to maintain a neutral stance until the price successfully breaches one of these levels, providing a clear indication of the next potential targets.
It’s crucial to keep in mind that breaking the mentioned support at 0.5900 would trigger a bearish wave, targeting the 0.5700 level as the primary objective. Conversely, a breach of the resistance at 0.5940 would likely lead to gains, initially reaching 0.6020.
Today’s expected trading range is situated between the support at 0.5870 and the resistance at 0.5990, with an overall neutral outlook.