NZDUSD Analysis: Breaches monthly PP
|NZDUSD
The New Zealand Dollar depreciated about 33 base points against the US Dollar on Friday. The exchange rate breached the monthly pivot point at 0.6517 during the end of Friday's session.
Currently, the currency pair is trading near the upper boundary of a one-week ascending channel at 0.6536.
If the pair passes that upper border of the channel, the next target will be at the weekly R1 at 0.6554.
However, if that border holds, the currency exchange rate could make a brief retracement towards the 50-hour simple moving average at 0.6511 during the following trading session.
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