The New Zealand Dollar appreciated about 40 basis points against the US Dollar on Tuesday. The currency pair tested the upper boundary if a descending channel pattern at 0.6360 during the previous trading session.
The 50– hour simple moving average could guide the exchange rate lower within this session. The NZD/USD pair will likely dash through a support level formed by the monthly S2 at 0.6320.
However, if the weekly S2, as mentioned above holds, a brief upside movement could follow during the following trading session
