The New Zealand Dollar appreciated about 61 base points against the US Dollar on Wednesday. The currency pair was guided by the 50-hour simple moving average during Wednesday’s trading session.
The weekly R2 at 0.6677 was providing support for the exchange rate during the European trading session on Thursday. If this support level holds, bullish traders will aim for the upper boundary of an ascending channel pattern at 0.6720 within this session.
However, if the currency exchange rate breaks the support level, a decline towards the weekly R1 at 0.6635 could be expected today.
