NZD/USD Analysis: Likely to decline
|NZDUSD
The New Zealand Dollar depreciated about 50 base points against the US Dollar on Monday. The currency pair breached the 50-hour simple moving average during yesterday's trading session.
As for the near future, it is likely that the currency exchange rate will continue its movement in a medium-term descending channel pattern. Technical indicators suggest that the pair could target a support cluster formed by the weekly and the monthly PPs at 0.6683.
However, it is expected that the NZD/USD currency pair aim for the 50-hour simple moving average at 0.6745 in a short while.
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.