The New Zealand Dollar rose by33 basis points or 0.50% against the US Dollar on Tuesday. The currency pair breached the 50– and 100– hour SMAs on Wednesday morning.
The exchange rate is currently trading near the upper boundary of a descending channel pattern at 0.6615. If the channel pattern holds, bears might push the NZD/USD pair lower during the following trading session.
However, if the currency exchange rate breaks the descending channel pattern, a surge towards the 0.6662 level could be expected with this session.
