The New Zealand Dollar has depreciated about 56 base points against the US Dollar since July 22. A breakout had occurred through the bottom border of an ascending channel pattern.

Currently, the exchange rate is near a support level formed by the 200-hour simple moving average at 0.6725.

If the support level holds, a surge towards the 0.6780 regions could be expected within this session.

- advertisement -

However, if the currency exchange rate passes the 200-hour SMA, the next target for bearish traders will be at the weekly S1 at 0.6705.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.