NZD/USD bounces strongly from 0.5580 low – Société Générale

FXStreet Insights Team FXStreet

NZD/USD has rebounded sharply from last week’s low, breaking a falling wedge pattern, with the 50-day moving average near 0.5730 now in focus as a potential hurdle for further gains, Société Générale's FX analysts note.

NZD/USD breaks falling wedge, gains upward momentum

"NZD/USD has staged a sharp bounce after forming an interim low near 0.5580 last week. It has broken out from a pattern resembling a falling wedge highlighting resurgence of upward momentum."

"The pair is fast approaching the 50-DMA at 0.5730, which could be a short-term hurdle. It will be interesting to see if the pair can establish beyond this resistance. Cross above the moving average may lead to extension in the phase of rebound."

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FXStreet Insights Team

FXStreet

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