NZDUSD Analysis: Stranded between SMAs

Dukascopy Bank Team Dukascopy Bank SA

NZDUSD

The New Zealand Dollar depreciated about 60 base points against the US Dollar on Wednesday. The currency pair was pressured south by a resistance cluster formed by the weekly and the monthly PPs at 0.6598.

Presently, the pair is trading near the 50-hour simple moving average at 0.6573. if the resistance line holds, the exchange rate could target at the 100-hour SMA at 0.6552.

However, if the currency exchange rate passes that resistance level, bullish traders could aim for a re-tests of the resistance cluster as mentioned above during the following trading session.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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