HomeContributorsTechnical AnalysisNZD/USD Analysis: Tests Resistance Cluster At 0.6301

NZD/USD Analysis: Tests Resistance Cluster At 0.6301

Upside sentiment dominated the New Zealand Dollar versus the US Dollar on Monday. A breakout occurred through the upper boundary of a descending channel pattern at 0.6277 during yesterday’s trading session.

Currently, the currency pair is testing a resistance cluster formed by the weekly pivot point and the 100– hour simple moving average at 0.6301.

If the resistance cluster holds, a decline is apparent within the following trading session.

However, if the pair breaks the cluster, as mentioned above, a surge towards the 200– hour SMA at 0.6337 could follow.

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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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