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NZD/USD Analysis: Anatwo Scenarios Likely

The New Zealand Dollar has been appreciating in a narrow ascending channel pattern against the US Dollar since the end of May. The currency pair re-tested the upper boundary of the channel pattern at 0.6666 during yesterday’s trading session.

The 50-hour simple moving average is currently providing support for the exchange rate at 0.6619.

If the support line holds, a surge towards the 0.6680 mark could follow within this session.

However, if the NZD/USD pair passes the 50-hour SMA, bears could drag the rate towards the weekly R2 at 0.6597 in the short-term.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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