NZD/USD Analysis: reveals new junior channel

Dukascopy Bank Team Dukascopy Bank SA

NZD/USD

The New Zealand Dollar appreciated by 33 basis points against the US Dollar during Monday's trading session. The currency pair has revealed a new junior descending channel pattern.

The junior descending channel will most likely guide the NZD/USD exchange rate lower today. Bearish traders could aim at a psychological support level at the 0.6260 area.

However, technical indicators suggest that the currency exchange rate might trade sideways within the next trading session.

Author

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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