NZD/USD Analysis: could still edge lower
|NZD/USD
The New Zealand Dollar declined by 28 basis points against the US Dollar on Tuesday. The currency pair tested the lower boundary of an ascending channel pattern at 0.6607 during yesterday's trading session.
All things being equal, the NZD/USD exchange rate could continue to decline until it reaches a support level at 0.6575 area.
A possible upside reversal could occur from the support line at 0.6575 during the following trading session.
Furthermore, technical indicators suggest that the currency exchange rate will likely continue to edge lower in the shorter term.
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.