NZD/USD Analysis: moving towards weekly S1

Dukascopy Bank Team Dukascopy Bank SA

NZD/USD

The NZD/USD exchange rate traded with low volatility on Wednesday. The New Zealand Dollar made a 25-pip movement against the US Dollar during Wednesday's trading session.

The currency pair will likely continue to maintain the descending channel pattern within this session. Bearish traders could target the weekly S1 at 0.6572 in the shorter term.

Although, the currency exchange rate might make a U-turn from the current price level at 0.6592 and aim for the 200– hour simple moving average at 0.6615 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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