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NZD/USD Potential Breakout

The New Zealand Dollar bounced off the lower boundary of a junior descending channel at 0.6209 on Tuesday. As a result, the currency pair appreciated about 48 basis points.

The exchange rate made a U-turn down after hitting a resistance cluster formed by the monthly S1 and the 50– hour simple moving average at 0.6247 during the morning hours of Wednesday’s trading session.

The NZD/USD currency pair will most likely continue to trade south within the following trading session. A potential breakout through the lower boundary of the junior descending channel pattern could occur today.

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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