The NZDUSD pair resumed its negative trading by today’s open, motivated by the negative signal provided by stochastic, waiting for more decline that targets testing 0.7100 as a first station, which breaking it represents the key to rally towards 0.7000 as a next main target.
The Bulls in Kiwi seeking out the 0.7200 area, the price indeed extended higher to a breakeven scenario.
The price is now in a price pause phase and there are prospects of a continuation leg to the target.
Direct hopes of a higher high have been dashed by a stronger than expected Chinese Consumer Price Index which has boosted the yield environment ahead of today’s US CPI.
We expect a continuation of the bearish trend for the upcoming period unless the price rallied to breach 0.7205 and hold above it. We The expected trading range for today is between 0.7070 support and 0.7200 resistance.
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