NZDUSD Analysis: Supported by weekly and monthly S1
|NZDUSD
The New Zealand Dollar consolidated against the US Dollar near 0.6520/40.
As apparent on the chart, the currency pair is pressured by the 55-hour SMA at 0.6535. Technical indicators flash bearish signals in both the short and long terms. Given these two facts it is expected that the pair could aim for the support level formed by the weekly and the monthly S1 at 0.6503.
It is the unlikely case that some bullish pressure still prevails in the market, the New Zealand Dollar should not exceed the resistance level formed by the weekly PP and the 200-hour SMA at 0.6564.
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