NZD/USD Analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

NZD/USD

Bullish sentiment dominated the New Zealand Dollar versus the US Dollar on Thursday. As a result, a breakout occurred through the upper boundary of a descending trendline during the morning hours of today's trading session.

Given that a breakout had occurred, it is likely that the currency pair continues its bullish movement within this session. The potential upside swing could be at the 0.6579 area.

However, a resistance level formed by the 200-hour simple moving average at 0.6534 could hinder such movement 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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