NZD/USD analysis: Bears could continue to prevail

Dukascopy Bank Team Dukascopy Bank SA

NZD/USD

The New Zealand Dollar edged lower by 98 basis points or 1.36% against the US Dollar on Friday. The currency pair was pressured lower by the 200– hour simple moving average during Friday's trading session.

The NZD/USD exchange rate could continue to decline during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur today.

However, if the channel pattern holds, the currency exchange rate could make a brief pullback towards the weekly pivot point at 0.7162 within the following session.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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