NZD/USD Analysis: decline likely to continue

Dukascopy Bank Team Dukascopy Bank SA

NZD/USD

The New Zealand Dollar appreciated about 40 basis points against the US Dollar on Tuesday. The currency pair tested the upper boundary if a descending channel pattern at 0.6360 during the previous trading session.

The 50– hour simple moving average could guide the exchange rate lower within this session. The NZD/USD pair will likely dash through a support level formed by the monthly S2 at 0.6320.

However, if the weekly S2, as mentioned above holds, a brief upside movement could follow during the following trading session.

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Dukascopy Bank Team

Dukascopy Bank SA

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