NZD/USD breaks out to the downside

 The NZD/USD is another pair, which has fallen down due to the strength of the US Dollar. However, that is not the most important fact to note. 

By the time of writing it could be observed that the currency pair was confirming the 200-hour simple moving average as a resistance. That is the first reason, why the rate was expected to decline. 

In addition, the rate's closest pivot point, which would serve as support, was located at the 0.7291 mark. 

However, Dukascopy Analysts spotted a declining medium term channel pattern, whose lower trend line might slow down the decline and even force the pair into a consolidation.


This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.