During Wednesday’s trading session, the New Zealand Dollar depreciated by 56 basis points against the US Dollar. A breakout occurred through the upper boundary of a descending channel pattern on Wednesday.
All things being equal, the NZD/USD exchange rate will most likely continue to edge higher until it reaches a resistance level formed by the weekly R3 at 0.6624.
If the weekly R3 holds, the currency exchange rate will make a brief retracement down within this session.
However, technical indicators suggest that the pair could trade sideways during the following trading session.
