The New Zealand Dollar traded in an ascending channel pattern against the US Dollar on Tuesday. The currency pair pierced the 100-hour SMA at 0.6610 during the early hours of today’s trading session.
As for the near future, it is likely that the exchange rate will continue its upside movement. Bullish traders could aim for the upper boundary of the channel pattern during the following trading session.
However, a resistance level formed by the weekly R2 at 0.6671 could restrict bulls momentum in the shorter term.
