NZD/USD flash bearish signals

The New Zealand Dollar has been depreciating against the US Dollar in a descending channel pattern for the third consecutive trading session. The currency pair has already fallen 1.41% since the beginning of this week.

By the middle of Friday session, the 55– and 200-hour simple moving averages was providing a strong resistance for the exchange rate at 0.6780 and as a result, the pair breached the weekly S1.

Technical indicators flash sell signals on the four-hour time frame. Therefore, the bearish momentum is likely to continue to be in play within this session and potentially push the exchange rate to breakout from the descending channel. 

NZDUSD

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.