NZDUSD Analysis: Increases trading range
|NZDUSD
The New Zealand Dollar managed to advance 88-pips or 1.29% against the US Dollar since Thursday session. Further upside momentum was disrupted after the pair hit the upper boundary of a descending pattern.
By the European session on Friday, the currency pair made a U-turn south and gradually moving toward the 55– hour simple moving average at 0.6874.
Given that technical indicators flash strong bearish signals, bulls are unlikely to gather enough momentum to break out from the channel down. Meanwhile, the currency exchange rate could edge lower during the following trading session until it encounters the aforementioned support level.
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