NZD/USD bounces off 0.6400

Source: Dukascopy Bank SA


In September, the surge of the NZD against the US Dollar continued on, as the rate eventually reached the 0.6370/0.6410 zone. This range held, and a decline followed at the start of October. By mid-October, the rate appeared to have slowed down near 0.6100.

A continuation of the currency pair is set to look for support in round exchange rate levels like the 0.6000 and 0.5900. Eventually, the pair would find support in the low level range at 0.5775/0.5850.

In the case of a recovery of the currency rate, the rate would have to break the combined resistance of the 50-day simple moving averages and the 0.6180/0.6220 zone, before NZD/USD approaches the 0.6370/0.6410 zone.
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