Dukascopy Bank Team
Dukascopy Bank SA
NZD/USD
The New Zealand Dollar declined by 61 pips or 0.95% in value against the US Dollar on Friday. The currency pair tested the lower boundary of a descending channel pattern at 0.6398 during Friday's trading session.
Given that the exchange rate is trading near the bottom border of the channel pattern, a breakout might occur within this session.
If the breakout occurs, a decline towards a support cluster formed by the weekly S1 and the monthly S1 at 0.6354 could be expected today.
However, if the descending channel pattern holds, the currency exchange rate could make a brief retracement towards the 0.6440 area within this session.
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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