Patterns: NZD/USD, USD/CAD
|NZD/USD bounces off 50– hour SMA
During the first part of Thursday's trading session, the New Zeland Dollar surged by 50 pips or 0.81% against the US Dollar. However, the currency pair abandoned the initial gains at the end of the US session on Thursday.
The exchange rate bounced off the 50– hour simple moving average at 0.6193 during the Asian session on Friday. Most likely, the NZD/USD pair could edge higher today.
However, if the currency exchange rate breaks the 50– hour SMA, bears could pressure the price towards the 0.6160 level during the following trading session.
USD/CAD consolidates below 1.3800
The US Dollar traded sideways against the Canadian Dollar on Thursday. The USD/CAD currency pair consolidated below the 1.3800 area during Thursday's trading session.
As for the near future, if the exchange rate breaks the 1.3731 area, a decline towards the weekly support level at 1.3625.
On the other hand, if the currency exchange rate breaches the 1.3800 area, bullish traders would target the 100– hour simple moving average at 1.3850 during the following trading session.
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