The New Zealand Dollar appreciated about 79 base points against the US Dollar on Wednesday. The currency pair breached a resistance cluster formed by the monthly and the weekly pivot points at 0.6795 during Wednesday’s trading session.
However, after testing the resistance cluster as mentioned above, the exchange rate made a pullback towards the lower boundary of an ascending channel pattern at 0.6779.
Most likely, the currency exchange rate will aim for a support level formed by the 50– and 100-hour SMAs near the 0.6748 region during the following trading session
