NZD/USD Analysis: tests resistance cluster
|NZD/USD
Upside movement dominated the New Zealand Dollar versus the US Dollar on Thursday. The currency pair tested a resistance cluster formed by the weekly R1 and the monthly R2 at 0.6624.
By and large, bearish traders might drive the NZD/USD exchange rate lower during the following trading session. The potential target will be near the 50– hour simple moving average at 0.6581.
However, given that the currency exchange rate is currently trading near the upper boundary of a dominant descending channel, a breakout might occur within this session.
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