NZD/USD bounces strongly from 0.5580 low – Société Générale
Source Fxstreet
NZD/USD has rebounded sharply from last week’s low, breaking a falling wedge pattern, with the 50-day moving average near 0.5730 now in focus as a potential hurdle for further gains, Société Générale's FX analysts note.
NZD/USD breaks falling wedge, gains upward momentum
"NZD/USD has staged a sharp bounce after forming an interim low near 0.5580 last week. It has broken out from a pattern resembling a falling wedge highlighting resurgence of upward momentum."
"The pair is fast approaching the 50-DMA at 0.5730, which could be a short-term hurdle. It will be interesting to see if the pair can establish beyond this resistance. Cross above the moving average may lead to extension in the phase of rebound."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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