HomeContributorsTechnical AnalysisNZD/USD Could Break Support

NZD/USD Could Break Support

The New Zealand Dollar declined by 62 basis points or 0.93% against the US Dollar on Tuesday. The currency pair tested the lower boundary of a descending channel pattern on Wednesday morning.

The exchange rate is currently trading near the bottom line of the channel pattern and could be set for a breakout. If the breakout occurs, a decline towards the weekly S2 at 0.6505 could be expected within this session.

However, if the channel pattern holds, bulls are likely to pressure the currency exchange rate higher 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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