NZD/USD Analysis: could decline
|NZD/USD
The New Zealand Dollar appreciated about 1.40% in value against the US Dollar on Wednesday. A breakout occurred through the upper boundary of a descending channel pattern at 0.6350.
All things being equal, the NZD/USD exchange rate could decline today. Bears are likely to drive the price towards a support cluster formed by the 50– and 200– hour SMAs at the 0.6375 area.
If the resistance cluster holds, the currency exchange rate will most likely continue its upward movement during the following trading session.
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