The NZD/USD pair slumps to near 0.6130 in Wednesday’s American session.
NZD/USD falls to near 0.6130 as the New Zealand Dollar exhibits weakness ahead of the Q1 GDP data. The USD Index holds its immediate support of 105.00 in a holiday market mood. NZD/USD declines toward the horizontal support of the Broadening Triangle pattern. The Kiwi asset drops as the New Zaland Dollar comes under pressure ahead of the New Zealand Q1 Gross Domestic Product data, which will be published on Thursday. The NZ economy is estimated to have remained stagnant.
NZD/USD trades in a Broadening Triangle chart pattern on a four-hour timeframe in which the downside remains cushioned with the horizontal support, which is plotted from May 16 low around 0.6100. While the upside in the above-mentioned chart formation remains limited to the upward-sloping border, which in this case is marked from May 16 high around 0.6140. The 200-period Exponential Moving Average near 0.6101 continues to provide support to the New Zealand Dollar bulls.
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