NZD/USD Analysis: breaches channel pattern

Dukascopy Bank Team Dukascopy Bank SA

NZD/USD

The New Zealand Dollar depreciated by 34 basis points or 0.54% in value against the US Dollar on Monday. The currency pair breached the lower boundary of a descending channel pattern at 0.6381 during yesterday's trading session.

Everything being equal, the exchange rate could slightly edge higher within this session. The possible target for the NZD/USD pair will be at the weekly pivot point 0.6433.

However, technical indicators demonstrate that the currency exchange rate could continue to decline during the following trading 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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