NZD/USD analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

NZD/USD

The New Zealand Dollar has declined by 39 pips or 0.64% against the US Dollar since Friday's trading session. The currency pair breached the lower boundary of an ascending channel pattern on Monday morning.

Given that a breakout had occurred, the NZD/USD exchange rate could continue to edge lower within this session. The target would be near a support cluster at the 0.6050 area.

A potential upside reversal could occur from the support cluster formed by the monthly and the weekly PPs and the 200– hour simple moving average 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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