NZD/USD bounces strongly from 0.5580 low – Société Générale
|NZD/USD has rebounded sharply from last week’s low, breaking a falling wedge pattern, with the 50-day moving average near 0.5730 now in focus as a potential hurdle for further gains, Société Générale's FX analysts note.
NZD/USD breaks falling wedge, gains upward momentum
"NZD/USD has staged a sharp bounce after forming an interim low near 0.5580 last week. It has broken out from a pattern resembling a falling wedge highlighting resurgence of upward momentum."
"The pair is fast approaching the 50-DMA at 0.5730, which could be a short-term hurdle. It will be interesting to see if the pair can establish beyond this resistance. Cross above the moving average may lead to extension in the phase of rebound."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.