The NZDUSD pair encountered challenges in confirming a breach above the 0.6140 level, leading to a notable downward rebound. Subsequently, the pair broke through the 0.6070 support level and settled below it, intensifying the negative pressure. The next anticipated target for this downward movement is set at 0.6000.
A prevailing bearish bias is expected to persist for today, contingent upon the price holding below 0.6070. Sustaining this decline is crucial to validate the suggested negative trajectory. However, a breach above 0.6070 might signal a potential recovery, with the price aiming to test the 0.6140 areas initially.
As for today’s projected trading range, it is anticipated to fluctuate between the support level at 0.6010 and the resistance level at 0.6110. Traders are advised to remain vigilant and monitor key levels for potential shifts in market dynamics.
In summary, the prevailing trend for today leans towards the bearish side, with the NZDUSD pair facing resistance and aiming for the 0.6000 target. The scenario may be subject to change based on price action around critical levels.