NZDUSD Analysis: Reaches support cluster

Dukascopy Bank Team Dukascopy Bank SA

NZDUSD

The New Zealand Dollar has been depreciating in a descending channel against the US Dollar after the currency pair hit the upper boundary of a channel down on June 13.

However, the currency pair bounced off the lower boundary of the junior descending pattern on June 20 and has since gained more than 90-pips or 1.37%. Also, the rate has breached the up border of the channel.

As for near future, traders need to watch out for a likely breakout through the northern border. Nevertheless, technical indicators demonstrate that bulls might not be able to make such breakout 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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