NZD/USD Analysis: Could trade sideways
|NZD/USD
The NZD/USD exchange rate tested the resistance cluster located near the 50– and 100– hour SMAs at 0.6447 on Thursday.
From a theoretical point of view, the currency pair could aim for the weekly S1 and the monthly S1 near the 0.6385 area during the following trading session.
Most likely, the currency exchange rate might continue to trade sideways within this session.
However, technical indicators suggest bearish signals on both the smaller and the larger time-frame charts. Therefore, the pair might end this week's trading sessions on bears territory.
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