The NZD/USD pair has been trending-up for the past few days. This bullish movement has been demonstrated within the depicted bullish linear regression channels.
During today's consolidations, lack of enough bullish momentum was demonstrated on the chart. The NZD/USD pair demonstrated a false bearish breakout below the depicted movement channels. However, immediate bullish recovery was triggered around 0.6690.
The pair remains bullish within depicted channels. Expected bullish targets are projected towards 0.6720 (midline of the channels) and 0.6750 (upper limit of the channels). Signs of bearish rejection can be watched around these levels.
Overall, bullish weakness and bearish tendency remain dominant as long as the NZD/USD pair fails to achieve higher highs above 0.6720.
Hence, bearish positions are preferred in the current situation. Intraday Kky-resistance is located around 0.6750. Intraday key-support is located around 0.6990.
For conservative traders, a valid sell position can be indicated when a bearish breakout below 0.6690 is achieved. T/P level should be located around 0.6650.
The material has been provided by InstaForex Company - www.instaforex.com