NZD/USD Analysis: bullish sentiment likely to continue
|NZD/USD
The New Zealand Dollar has surged by 60 basis points against the US Dollar since Wednesday's trading session. A breakout occurred through the upper boundary of a descending channel pattern at 0.6616 on Wednesday.
Given that a breakout had occurred, and the currency pair has breached the 200– period simple moving average at 0.6633, bulls are likely to continue to dominate the exchange rate within this session. The possible target will be near the weekly R1 at 0.6672.
However, technical indicators suggest a potential downside reversal within the following trading 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.