The New Zealand Dollar has appreciated by about 57 basis points against the US Dollar since yesterday’s trading session. The currency pair tested a resistance line formed by the weekly R1 at 0.6433 during the Asian session on Tuesday.
As for the near future, if the weekly R1 holds, a breakout through the lower boundary of an ascending channel pattern at 0.6416 could occur today.
On the other hand, the currency exchange rate might reverse from the current price level at 0.6416 and continue its upward movement in the ascending channel pattern during the following trading session.
