The New Zealand Dollar declined by 128 pips or 1.96% against the US Dollar on Thursday. The currency pair breached the lower boundary of an ascending channel pattern during yesterday’s trading session.
The exchange rate bounced off the weekly pivot point at 0.6405 during the European session on Friday. Most likely, buyers will continue to pressure the NZD/USD pair higher today.
However, the 50– hour simple moving average at 0.6487 could provide resistance for the currency exchange rate during the following trading session.
