NZD/USD Analysis: breaches ascending channel

Dukascopy Bank Team Dukascopy Bank SA

NZD/USD

The New Zealand Dollar appreciated by 35 basis points against the US Dollar on Friday.

However, Monday's trading session began with a bearish sentiment. As a result, the NZD/USD currency pair breached the lower boundary of an ascending channel pattern at 0.6302.

Given that a breakout had occurred, bearish traders could continue to prevail in the market during the following trading session.

Although, a support level formed by the weekly S1 at 0.6288 could hinder bears from pushing the price lower today.

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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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