A narrow ascending channel pattern has been guiding the New Zealand Dollar higher against the US Dollar since the beginning of September. The currency pair hit a three-week high at 0.6441 on Friday.
Given that the 50-, 100– and 200– hour SMAs are currently below the price level, the exchange rate might continue its upward momentum within the following trading session. Bullish traders could aim for a resistance level formed by the weekly R1 at 0.6486 in the short term.
However, it is unlikely that the currency exchange rate will surpass the upper boundary of the narrow ascending channel today.
