NZDUSD Analysis: Potential breakout

Dukascopy Bank Team Dukascopy Bank SA

NZDUSD

No changes occurred to the positioning of the NZD/USD pair on Tuesday. Lack of outside pressure resulted in the rate trading sideways along the 55-hour simple moving average.

The New Zealand Dollar failing to pick up momentum during the yesterday session allows traders to think that the bearish pressure could continue to dominate the currency pair within this session.

Everything being equal, it is expected that the currency exchange rate breached the support level formed by the combination of the 55– and 100-hour SMAs during the following trading day.

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Dukascopy Bank Team

Dukascopy Bank SA

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