The NZDUSD pair has successfully surpassed the 0.5830 level, signaling the continued dominance of the bearish trend in the upcoming trading sessions. This break opens the pathway for the pair to descend further towards our next target at 0.5750.
With this development, our bearish outlook remains valid, as it is supported by the downward pressure exerted by the EMA50. However, it’s essential to note that a breach of the 0.5900 level would halt the negative scenario and potentially lead to a price recovery.
The expected trading range for today is between the support at 0.5760 and the resistance at 0.5860. As it stands, the expected trend for today appears to be bearish.