NZD USD tests the critical support – Analysis - 09/03/2015
The NZDUSD pair showed strong negativity after retesting the previously broken neckline of the double top pattern mentioned in our Friday’s reports, to reach the main waited target at 0.7330, which represents very important support to detect the next destination on the short term and medium term basis, as breaking it will extend the pair’s losses to reach 0.6860 areas.
The price shows attempts to break the mentioned support now, which makes us suggest the continuation of the bearish bias for today, noting that breaching 0.7430 will stop the decline for today and push the price for some rise.
Expected trading range for today is between: 0.7200 support and 0.7430 resistance.
Expected trend for today: Bearish