HomeContributorsTechnical AnalysisNZD/USD Tests 50-Hour SMA

NZD/USD Tests 50-Hour SMA

The New Zealand Dollar appreciated about 50 base points against the US Dollar on Thursday. The currency pair breached the 50.00% Fibonacci retracement level during yesterday’s trading session.

The exchange rate is currently testing a resistance level formed by the 50-hour simple moving average at 0.6566.

If this resistance level holds, the currency exchange rate could aim for the 61.80% Fibonacci retracement level at 0.6607 within this session.

However, if the pair passes the 50-hour SMA, a decline towards the 23.6% Fibo could be the next target for bearish traders.

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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