NZD/USD Analysis: could edge lower
|NZD/USD
The New Zealand Dollar has continued to trade in the descending channel pattern against the US Dollar. The currency pair depreciated by about 41 basis points during yesterday's trading session.
As for the near future, the NZD/USD exchange rate will most likely continue to maintain the descending channel pattern. The potential target for bearish traders would be at the bottom border of the channel pattern.
However, bears would have to surpass the support cluster formed by the weekly S1 and the monthly pivot point at the 0.6353 regions before reaching the given forecast.
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.