NZDUSD Analysis: Sell signals

NZDUSD

The New Zealand Dollar has continued to decline further south against the US Dollar. By the end of Tuesday's session, the exchange rate has reached the lower boundary of an ascending channel.

However, the NZD/USD currency exchange rate has bounced off the lower boundary of the channel up and has breached a stronger resistance cluster formed by both the 55-, 100-, 200– hour SMAs and the weekly pivot point near 0.7024 during the European trading session on Wednesday.

The overall market sentiment is bearish, therefore, bears are likely to grow stronger during the following sessions.

NZDUSD

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