The New Zealand Dollar has been trading in a horizontal channel pattern against the US Dollar. The currency pair tested the lower boundary of the channel pattern at 0.6733 on Friday.
Technical indicators demonstrate that the currency exchange rate is likely to edge lower within this session. If this technical sentiment is correct, a breakout through the lower boundary of the horizontal channel pattern could be expected within this session.
Although, the NZD/USD exchange rate could reverse from the current price level and aim for a resistance cluster at 0.6795.
Technical indicators demonstrate that the currency exchange rate is likely to edge lower within this session. If this technical sentiment is correct, a breakout through the lower boundary of the horizontal channel pattern could be expected within this session.
Although, the NZD/USD exchange rate could reverse from the current price level and aim for a resistance cluster at 0.6795.
Comment:
The New Zealand Dollar traded with low volatility against the US Dollar on Tuesday. However, the situation where different during the Asian session on Thursday. The currency pair gained about 1.8-% of its values.
The surge was attributed to a fundamental event that occurs during the morning hours of today’s trading session. The Official Cash Rate from New Zealand remained unchanged.
As for the nearest future, it is likely that bearish traders will push the currency exchange rate lower towards a support level at 0.6774.
Although, a support cluster is located near the 0.6815 area, which could provide support for the rate.
The surge was attributed to a fundamental event that occurs during the morning hours of today’s trading session. The Official Cash Rate from New Zealand remained unchanged.
As for the nearest future, it is likely that bearish traders will push the currency exchange rate lower towards a support level at 0.6774.
Although, a support cluster is located near the 0.6815 area, which could provide support for the rate.
Comment:
The New Zealand Dollar appreciated about 62 base points against the US Dollar on Friday. The 50– hour simple moving average provided support for the currency pair at 0.6821 during Friday’s session.
Everything being equal, it is likely that the NZD/USD exchange rate decline towards a support cluster formed by the combination of the weekly, the monthly PPs and the 100-hour SMA at 0.6816.
However, technical indicators suggest otherwise. Technical sentiment demonstrates that the currency exchange rate will continue to trade in a junior ascending channel within this session.
Everything being equal, it is likely that the NZD/USD exchange rate decline towards a support cluster formed by the combination of the weekly, the monthly PPs and the 100-hour SMA at 0.6816.
However, technical indicators suggest otherwise. Technical sentiment demonstrates that the currency exchange rate will continue to trade in a junior ascending channel within this session.
Comment:
The New Zealand Dollar depreciated about 52 base points against the US Dollar on Monday. The currency pair breached the 50-hour simple moving average during yesterday’s trading session.
The exchange rate breached the lower boundary of an ascending channel pattern during the middle of Tuesday’s session.
Given that a breakout had occurred, it is likely that the currency exchange rate continues its decline today.
Although, a support cluster formed by the combination of the weekly and the monthly PPs near the 0.6821 area could hinder such decline.
The exchange rate breached the lower boundary of an ascending channel pattern during the middle of Tuesday’s session.
Given that a breakout had occurred, it is likely that the currency exchange rate continues its decline today.
Although, a support cluster formed by the combination of the weekly and the monthly PPs near the 0.6821 area could hinder such decline.
Comment:
The New Zealand Dollar appreciated about 74 base points against the US Dollar on Tuesday. The currency pair breached both the 50– and 100-hour SMAs during yesterday’s trading session.
As for the near future, it is likely that the currency exchange rate edges lower towards the lower boundary of an ascending channel pattern at 0.6840.
Nevertheless, technical indicators demonstrate that the NZD/USD currency pair will gain further strength within this session. If the technical sentiment is correct, the upside target will be at yesterday’s high levels of 0.6891.
As for the near future, it is likely that the currency exchange rate edges lower towards the lower boundary of an ascending channel pattern at 0.6840.
Nevertheless, technical indicators demonstrate that the NZD/USD currency pair will gain further strength within this session. If the technical sentiment is correct, the upside target will be at yesterday’s high levels of 0.6891.
As for the near future, it is likely that the currency exchange rate will continue its movement in a medium-term descending channel pattern. Technical indicators suggest that the pair could target a support cluster formed by the weekly and the monthly PPs at 0.6683.
However, it is expected that the NZD/USD currency pair aim for the 50-hour simple moving average at 0.6745 in a short while.