NZDUSD Analysis: Continues in descending channel
|The descending pattern, which broke the support of a previously active channel up pattern, has continued to guide the currency exchange rate lower. The movements on the pair have been more or less unexciting. However, they are profitable.
Regarding the near future, as we already stated on Monday, the pair was aimed to reach the support of the weekly S1 near the 0.7290 mark.
However, prior to reaching the target, the currency pair has managed to find support in the lower trend line of the channel. The support of the channel has been strong enough to propel the rate up to the resistance cluster near the 0.7340 mark twice.
Although, the resistance held its ground.
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