Almost two months of consolidation between 0.6900-0.7050

In the first week of March NZDUSD started consolidation 150 pips wide between support at 0.6900 and resistance at 0.7050. Yesterday support was broken, however bulls still don’t give up. Today in the morning there was a try of a comeback inside of consolidation, which so far led NZDUSD exactly to 0.6900. We wrote about this consolidation earlier.

Bearish targets after breaking 0.6900

Behaviour near 0.6900 is key now. In the next few hours we should get the final answer whether it will be broken or not. Next target of bears is at 0.6850. This level is a low from last 10 months. After breaking it there will be a chance of another 170 pips decrease. The target will be at 0.6680.

If bulls manage to come back inside consolidation the target of gains will be again upper limit at 0.7050.

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