The New Zealand Dollar depreciated about 55 base points against the US Dollar on Friday. The currency pair tested the 50-hour simple moving average at 0.6646 during the first part of today’s session.
Currently, the exchange rate is trading near the bottom border of an ascending trendline at 0.6654 and could be set for a breakout. If the breakout occurs, the NZD/USD currency pair could aim at the 100-hour SMA at 0.6597 within this session.
On the other hand, if the support level holds, the currency exchange rate could target Friday’s swing high of 0.6690 during the coming hours.
