NZD/USD Analysis: likely to make pullback

Dukascopy Bank Team Dukascopy Bank SA

NZD/USD

The New Zealand Dollar appreciated about 77 basis points against the US Dollar on Thursday. The currency pair breached the upper boundary of an ascending channel pattern at 0.6595 during yesterday's trading session.

Everything being equal, the NZD/USD exchange rate might edge lower within this session. The potential target for bearish traders would be near the 50– and 200– hour SMAs at 0.6557.

If the support level, formed by the 50– and 100– hour simple moving averages hold, the currency exchange rate will continue its upward movement 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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