The NZD/USD currency pair rebounded from the bottom border of an ascending channel pattern on Thursday. As a result, the Kiwi Dollar edged higher by 98 pips or 1.65% against the Greenback during yesterday’s trading session.
After the exchange rate tested the weekly pivot point at 0.6005, the pair began to decline. Most likely, a breakout through the lower boundary of the ascending channel pattern could occur.
However, if the channel pattern holds, bullish traders could aim for the 100– and 200– hour SMAs at 0.6029 within the following trading session.
