NZD/USD analysis: Breaks channel

Dukascopy Bank Team Dukascopy Bank SA

NZD/USD

The New Zealand Dollar declined by 30 points or 0.45% against the US Dollar on Wednesday. A breakout through the lower boundary of an ascending channel pattern occurred on Thursday morning.

Given that a breakout had occurred, bearish traders could continue to pressure the NZD/USD exchange rate lower during the following trading session. The potential target will be at the weekly S1 at 0.6582.

However, a support cluster formed by the 200– hour simple moving average and the weekly pivot point at 0.6627 could provide support for the currency exchange rate in the shorter term.

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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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