NZD/USD Analysis: faces weekly S2 at 0.6320
|Downside risks prevailed in the market on Monday, thus, allowing the New Zealand Dollar to depreciated about 52 basis points against the US Dollar.
Currently, the exchange rat is trading near the lower boundary of a narrow descending channel at 0.6330.
A breakout from the channel pattern is likely to occur within this session. Technical indicators favor a downside breakout.
However, a support level formed by the weekly S2 at 0.6320 could provide support for the currency exchange rate during the following trading session.
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.