Defend the support of the 50-day SMA as the range movement continues

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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).

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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

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NZD / USD

Credits: Forex Street

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