The New Zealand Dollar appreciated about 47 base points against the US Dollar on Tuesday. The surge was stopped by a resistance level formed by the 100-hour simple moving average at 0.6525.
Everything being equal, it is likely that the NZD/USD currency pair could make a brief retracement towards a support level formed by the 50-hour simple moving average at 0.6511 within this session.
However, given that the currency exchange rate is trading near the border of the descending channel pattern, a breakout could occur during the following trading session.
