NZD/USD Analysis: Moving towards weekly R1
|NZDUSD
The New Zealand Dollar depreciated about 33 base points against the US Dollar on Monday. The currency pair tested the lower boundary of an ascending channel pattern at 0.6846 during the previous trading session.
As for the near future, it is likely the NZD/USD exchange rate will continue its movement in the medium-term ascending channel pattern. The rate could aim for the weekly R1 at 0.6885.
Meanwhile, technical indicators flash buy signals on both the smaller and the larger time frames chart.
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