NZD/USD Analysis: Decline likely to continue

Dukascopy Bank Team Dukascopy Bank SA

NZDUSD

The New Zealand Dollar depreciated about 78 base points against the US Dollar on Thursday. The decline was temporarily stopped by a support level formed by the 100-hour simple moving average at 0.6871.

Friday's trading session started with a bearish sentiment. By the middle of the day, the exchange rate was trading near the lower boundary of an ascending channel pattern at 0.6871 and could be set for a breakout.

If this breakout occurs, the next target for bearish traders will be near the weekly pivot point at 0.6838.

However, it is important to note that the 200-hour SMA at 0.6858 could provide support for the pair 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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