The NZD/USD currency pair has revealed a new junior descending channel. The channel pattern guided the price during yesterday’s trading session.
Everything being equal, the exchange rate will most likely continue to maintain the junior descending channel pattern within this session. The pair could target the upper line of the channel at the 0.6000 mark.
However, a resistance cluster formed by the 100– hour simple moving average and the monthly pivot point at 0.5970 might provide resistance for the currency exchange rate today.
