NZDUSD Analysis: Potential breakout
|NZDUSD
No changes occurred to the positioning of the NZD/USD pair on Tuesday. Lack of outside pressure resulted in the rate trading sideways along the 55-hour simple moving average.
The New Zealand Dollar failing to pick up momentum during the yesterday session allows traders to think that the bearish pressure could continue to dominate the currency pair within this session.
Everything being equal, it is expected that the currency exchange rate breached the support level formed by the combination of the 55– and 100-hour SMAs during the following trading day.
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.