NZD/USD analysis: Breakout occurrs

Dukascopy Bank Team Dukascopy Bank SA

NZD/USD

The New Zealand Dollar surged by 69 pips or 1.13% against the US Dollar on Wednesday. The currency pair bounced off the weekly R1 at 0.6082 during Wednesday's trading session.

A breakout occurred through the lower boundary of a narrow ascending channel pattern at 0.6130 on Thursday morning.

Given that a breakout had occurred, the NZD/USD exchange rate could edge lower within this session. However, the support line at 0.6082 could provide support for the currency exchange rate today.

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Dukascopy Bank Team

Dukascopy Bank SA

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