NZD/USD Analysis: could find support at 0.6392
|NZD/USD
The New Zealand Dollar has depreciated about 50 basis points against the US Dollar since yesterday's trading session. The currency pair breached both the channel pattern and the 50– and 100-hour SMAs at 0.6421 on Thursday.
Currently, the exchange rate is trading near a support cluster formed by the 200– hour simple moving average and the monthly pivot point at 0.6392.
If the support cluster holds, a surge towards the 0.6440 area could be expected within this session.
However, if the exchange rate passes the support cluster, bearish traders might target the 0.6360 marks 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.