NZD/USD Analysis: Strong bearish sentiment today

Dukascopy Bank Team Dukascopy Bank SA

NZDUSD

The New Zealand Dollar has plummeted about 101 base points against the US Dollar since the previous trading session. The currency pair breached the lower boundary of a descending channel pattern at 0.6800 during the Asian session on Friday.

Given that a breakout had occurred, it is possible that bearish traders could push the Kiwi towards a low level of 0.6752 during the following trading session.

Although, a support level formed by the weekly S2 at 0.6770 might hinder the currency exchange rate from edging lower 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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