NZDUSD Analysis: Bullish momentum

Dukascopy Bank Team Dukascopy Bank SA

NZDUSD

Upside risks prevail in the market on Monday, thus allowing the New Zealand Dollar to gain 57 base points against the US Dollar. The currency pair breached the weekly resistance level at 0.6595 during the first part of Tuesday's session.

Given that the exchange rate has breached the resistance line mentioned above, the pair could continue upward for a potential target near the upper boundary of a junior ascending channel at 0.6620.

On the other hand, the NZD/USD pair might reverse from currency price level and aim for the 50-hour simple moving average at 0.6571 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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