NZD/USD Analysis: two scenarios likely
|NZD/USD
The New Zealand Dollar declined by 42 basis points against the US Dollar on Friday. The currency pair breached the 50-, 100– and 200– hour simple moving averages during Friday's trading session.
Technical indicators flash sell signals on the 4(H) time-frame chart. Therefore, the NZD/USD exchange rate might continue to decline during the following trading session. Bearish traders could target the weekly S1 at 0.6572.
On the contrary, the currency exchange rate could make an upward reversal from a psychological support level at 0.6590 during the following trading session.
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