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NZD/USD near monthly PP
Wed, 13 Sep 2017 13:17:06 GMT
Source: Dukascopy Bank SA
Following a solid appreciation on Tuesday morning, NZD/USD formed a slight consolidation period in the 0.7320/0.7280 area.
This reluctance to move past this narrow range demonstrates the strength of the support cluster set by the monthly PP and the 55– and 100-hour SMAs.
In case no major events shake the market, this lack of volatility might continue until the end of this session or even longer. Nevertheless, the rate is expected to eventually break out of this support and push lower down to the 200-hour SMA and the 23.6% Fibonacci retracement circa 0.7240 or until the bottom boundary of the descending triangle is reached.
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