The NZDUSD currency pair showed a downward interest and managed to decrease the value to 0.7146, forming impulse waves in the market. As of this writing, we can see that the "bearish" potential is still preserved, driving us nearer to the local minimum of 0.7130. It is possible to assume that the price will reach the periodic support, develop stagnation and attractive long positions near the value of 0.7130. In case that results would coincide based on forecasts, we could expect a correction towards the values 0.7200-0.7240.
At the same time, traders should carefully analyze the probable stagnation, in the event of tightening and lack of upside potential. We can see the next reversal of the bears, where it is profitable to set trading positions for selling below 0.7130 (with a clear fixation).
Key Levels
Resistance zones: 0.7240 (+/- 10p); 0.7340; 0.7550; 0.7700
Support zones: 0.7130; 0.7050 *; 0,7000 **; 0.6900.
* Periodic level
** Psychological level
Attention: Predictions are not a direct guide to action!
