The New Zealand Dollar depreciated about 129 base points against the US Dollar on Wednesday. The currency pair breached the lower boundary of an ascending channel during yesterday’s trading session.
The exchange rate opened above the bottom border of the channel pattern during Thursday’s session.
As for the near future, it is likely that the currency exchange rate continues to gain strength and potentially target a resistance cluster formed by the combination of the 50– hour simple moving average and the monthly S1 at 0.6683.
