NZD/USD analysis: Breakout occurs
|NZD/USD
The New Zealand Dollar surged by 34 points or 0.52% against the US Dollar on Friday. The 100– hour simple moving average guided the currency pair during Friday's trading session.
Today's session began with a bearish momentum, and by mid-day, a breakout occurred through the lower boundary of an ascending channel pattern.
Given that a breakout had occurred, a decline towards the 200– hour SMA at 0.6536 could be expected today.
However, technical indicators suggest that the currency exchange rate could continue to trade bullish within this session.
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