NZD/USD Analysis: bounces off support

Dukascopy Bank Team Dukascopy Bank SA

NZD/USD

The New Zealand Dollar depreciated about 80 base points against the US Dollar on Friday. The currency pair tested the lower boundary of a descending channel pattern during Friday's trading session.

Most likely, bulls could regain some of their lost positions during the following trading session. The potential upside target for bullish traders will be near the weekly and monthly resistance levels at 0.6552.

If the resistance cluster holds, the NZD/USD currency exchange rate will continue its downside trend in the shorter term.

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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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