NZDUSD Analysis: Potential upside exists
|The NZD/USD exchange rate was guided by downside risks on Thursday trading session. Nevertheless, this decline was stopped by the lower boundary of a junior ascending channel.
The first part of Friday's session was relatively calm for the currency pair, as the pair was gradually moving north. Meanwhile, the rate has breached the 55– and 100– hour SMAs.
Technical indicators suggest that the currency exchange rate could decline further south within this session. However, the setting of the pair contradict the indicators. It looks like the rate might target the 200– hour simple moving average at 0.69 today.
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