Fri, Jan 15, 2021 @ 20:43 GMT
Home Contributors Technical Analysis NZD/USD Likely To Maintain Channel

NZD/USD Likely To Maintain Channel

The New Zealand Dollar declined by 61 pips or 0.84% against the US Dollar on Wednesday. The currency pair breached the 50– and 100– hour SMAs during yesterday’s trading session.

As for the near future, the exchange rate is likely to maintain the descending channel pattern. Bears could target the weekly support level at 0.7153 within the following trading session.

However, given that the currency exchange rate is currently trading near the upper line of the descending channel pattern, a breakout might occur during the following trading session.

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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