NZD/USD pressures key 200-DMA support – Société Générale
|NZD/USD is testing the lower edge of its consolidation range and the 200-day moving average near 0.5800. A failure to reclaim resistance at 0.5940 would leave the pair vulnerable to a deeper decline, with downside projections at 0.5730 and 0.5620, Société Générale's FX analysts note.
NZD/USD tests lower bound of descending channel
"NZD/USD is attempting to break below the lower boundary of the consolidation range that has contained price action since April. The pair is currently testing the 200-day moving average and is approaching the lower band of a multi-month descending channel near 0.5800."
"While a brief rebound cannot be ruled out, failure to surpass the peak achieved earlier this week at 0.5940 may signal the risk of a deeper pullback. A sustained move below 0.5800 would open the door to objectives at projections of 0.5730 and 0.5620."
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.