The New Zealand Dollar maintained the ascending channel pattern against the US Dollar on Wednesday. The currency pair appreciated about 47 base points during yesterday’s trading session.
Given that the three SMAs are below the price level, it is likely that the exchange rate could continue to edge higher. The pair could aim for the weekly R2 at 0.6787 within this session.
A potential downside reversal could occur if the weekly R2 at 0.6787 holds during the following trading session.
