NZDUSD Analysis: Stranded between SMAs
|NZDUSD
The New Zealand Dollar depreciated about 60 base points against the US Dollar on Wednesday. The currency pair was pressured south by a resistance cluster formed by the weekly and the monthly PPs at 0.6598.
Presently, the pair is trading near the 50-hour simple moving average at 0.6573. if the resistance line holds, the exchange rate could target at the 100-hour SMA at 0.6552.
However, if the currency exchange rate passes that resistance level, bullish traders could aim for a re-tests of the resistance cluster as mentioned above during the following trading session.
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