Expectations for the NZD/USD pair

After a long test of the upper limit of the descending channel from the highs of September and October, the pair NZD/USD managed to develop a downtrend. Expectations for this development were described here: “The NZD/USD pair resumes the downtrend.“

At the moment the pair is near the significant support of 0.9600. It is possible to form a correction from it. To develop a downtrend, the pair NZD/USD needs to overcome the support level of 0.9890-80, which will open the way to the levels: 0.6850 and 0.6820-00. At the same time, the resistance zone is 0.6920-30, from which it is possible to repell.

Recommended for reading: Technical analysis and Signals for cross-rates: GBP/JPY returns to the “head and shoulders” figure.

Hanzenko Anton