FOREX

NZD/USD Analysis: Two Scenarios Likely

The New Zealand Dollar declined by 25 points or 0.38% against the US Dollar on Thursday. The decline was stopped by the weekly support level at 0.6507 during yesterday’s trading session.

If the support level holds, bullish traders will most likely continue to pressure the exchange rate higher within this session.

But, if the NZD/USD currency pair breaks the support level, a decline towards the 0.6480 could be expected today.

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However, technical indicators suggest buying pressure on both the smaller and the larger time-frame charts.

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