NZD/USD sets for decline

The previously described scenario on Monday regarding the NZD/USD did not come into reality. A strong resistance set by the 55– hour simple moving average proved to have enough strength to send the currency pair south.

At the beginning of Tuesday’s trading session, the exchange rate was trading below the 100-hour SMA.

Due to this reason, the NZD/USD pair is likely to remain bearish until the lower boundary of the dominant channel is breached combined with the 200 –hour SMA located near 0.7313.

Add a comment