NZDUSD Analysis: Bears likely to grow stronger
|NZDUSD
Even though the New Zealand Dollar decreases its trading range against the US Dollar during the previous session, the exchange rate failed to make a substantial move down due to a support cluster set by the combination of the weekly and the monthly PPs near the 0.6886 mark.
However, that situation changed on Wednesday, as the support cluster was unable to hold firmly thus sending the exchange rate to dashed through the aforementioned support level.
The overall market sentiment is bearish. Meanwhile, technical indicators suggest that bears are likely to grow stronger during the following trading session.
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