NZD/USD analysis: Breaks channel
|NZD/USD
The New Zealand Dollar surged by 74 points or 1.12% against the US Dollar on Wednesday. The currency pair breached the upper line of a descending channel pattern at 0.6677 during yesterday's trading session.
All things being equal, the NZD/USD currency exchange rate could continue to edge higher during the following trading session. The potential target for bullish traders would be near the weekly pivot point at 0.6724.
However, bulls could encounter resistance at the psychological level at 0.6700 within this session.
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.