NZD/USD Analysis: Pressure By 50– Hour SMA

Technical analysis of Forex market

The New Zealand Dollar edged higher by approximately 40 basis points or 0.69% against the US Dollar on Friday. The 50– hour simple moving average guided the currency pair during Friday’s trading session.

Everything being equal, the exchange rate could continue to surge in an ascending channel pattern. The potential target for bulls would be near the weekly resistance level at 0.7014.

However, the weekly R1 at 0.6968 could provide a barrier for bullish traders during the following trading session.

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