NZD/USD Analysis: Two scenarios likely
|NZD/USD
On Friday, the New Zealand Dollar declined by 70 pips or 1.18% against the US Dollar. The decline began after the exchange rate tested a resistance cluster formed by the 50– and 200– hour SMAs at 0.5917.
The currency pair is currently testing a resistance cluster formed by the weekly pivot point and the combination of the 100– and 200– hour SMAs at 0.5926.
If the cluster holds, bears could continue to pressure the price lower within this session.
However, if the currency exchange rate breaks the resistance level, a surge towards the upper line of a descending channel pattern could be expected today.
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.