NZDUSD Analysis: Trades above 0.65
|NZDUSD
The New Zealand Dollar appreciated 0.70% against the US Dollar on Tuesday. The currency pair breached the weekly pivot point near 0.6595 during the end of the previous trading session.
Two scenarios are likely to occur in regards to this currency pair. Firstly, given that the exchange rate has breached the weekly R1, the next target for bullish traders will be the upper boundary of a junior ascending channel at 0.6640.
Secondly, the NZD/USD currency exchange rate might reverse from the current price level and aim towards the 50-hour simple moving average at 0.6595 today.
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