NZDUSD Analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

NZDUSD

Upside risks prevailed in the market on Monday, thus allowing the New Zealand Dollar to surged by 98 base points against the US Dollar. As a result, the exchange rate broke a one-week ascending channel.

Given that the currency pair is trading above the one-week ascending channel pattern, it is expected that the rate re-tests the weekly R2 at 0.6598 within this session.

On the other hand, the NZD/USD currency pair could reverse from current price level and aim south towards the 50-hour simple moving average at 0.6531 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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