Two Scenarios for NZDUSD – You Can Profit from Both

The market has been moving inside the green channel for a long time. After the last rebound from the upper wall of this channel, we saw a gradual decline in the market. The currency pair is gradually approaching the lower bound of the green channel and the support level of 0.660.

The bearish scenario can be reversed if the red line of the moving average near the resistance level of 0.666 is broken above. In this case, the bulls may have enough strength to re-head to the upper bound of the green channel.

Thus, in the event of a break of the 0.666 level, the target for the price will be a new resistance level of 0.683.

The approximate scheme of possible scenarios of price movement is shown on the chart.