The New Zealand Dollar made about 53 pips movement against the US Dollar on Tuesday. The 100– and 200– hour SMAs provided resistance for the exchange rate at 0.6307 during yesterday’s trading session.
Everything being equal, the NZD/USD currency pair will most likely continue to trade in the descending channel pattern until it reaches the lower boundary at 0.6244.
If the support level, formed by the bottom border of the channel holds, a brief pullback towards the weekly S1 at 0.6290 could be expected during the following trading session.
