Analysis

NZD/USD Analysis: potential decline

NZD/USD

The New Zealand Dollar surged by 43 basis points against the US Dollar on Friday. The currency pair tested the upper boundary of a descending channel pattern at 0.6652 on Monday morning.

As for the near future, the NZD/USD exchange rate could edge lower. Bearish traders could target the 0.6618 during the following trading session.

However, a support cluster formed by the weekly and the monthly pivot points and the 100– hour simple moving average at 0.6634 could provide support for the currency exchange rate 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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.