NZD/USD Analysis: Potential upside reversal
|NZDUSD
The New Zealand Dollar depreciated about 50 base points against the US Dollar on Tuesday. The currency pair hit a one-week low at 0.6693 during the morning hours of Wednesday's trading session.
The exchange rate could reversal from the support level at 0.6693 within this session. If the potential reversal occurs, a surge towards the 50-hour simple moving average at 0.6738 could be expected today.
However, if the currency exchange rate passes the support level as mentioned earlier, the pair might end today's trading session on bearish sentiment.
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