NZD/USD Analysis: Breakout might occur

Dukascopy Bank Team Dukascopy Bank SA

NZD/USD

The New Zealand Dollar appreciated about 47 base points against the US Dollar on Tuesday. The surge was stopped by a resistance level formed by the 100-hour simple moving average at 0.6525.

Everything being equal, it is likely that the NZD/USD currency pair could make a brief retracement towards a support level formed by the 50-hour simple moving average at 0.6511 within this session.

However, given that the currency exchange rate is trading near the border of the descending channel pattern, a breakout could occur 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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