- The NZD / USD is rebounding from the key support of the 50-day SMA at 0.6633.
- A move above 0.6682 is needed to confirm a bullish breakout.
The NZD / USD pair is moving slightly higher during the European session on Thursday, around the 0.6660 region, after having defended the 50-day SMA at 0.6633 earlier in the day.
The immediate bias remains neutral, with the pair trapped in the 0.6547 to 0.6682 range during the second half of the week. A break to the upside of the range would open the doors to a retest of the September highs near 0.68 (target based on the measured movement of the pattern).
On the other hand, a break to the downside of the range would imply a resumption of the decline from the September highs and could extend to the 200-day SMA at 0.6388.
NZD / USD daily chart
Credits: Forex Street
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