NZD/USD analysis: Breaks channel
|NZD/USD
The New Zealand Dollar has declined by 56 basis points or 0.84% against the US Dollar since Wednesday's trading session. The currency pair tested the weekly pivot point at 0.6622 on Thursday morning.
Given that the exchange rate has breached the lower boundary of an ascending channel pattern, bearish traders could target the weekly support level at 0.6555 within the following trading session.
However, the currency exchange rate could make an upside reversal from the weekly PP at 0.6622 and target the 0.6680 level today.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.