The New Zealand Dollar declined by 37 basis points or 0.61% against the Greenback on Tuesday. The 50– hour simple moving average provided support for the currency pair during yesterday’s session.
The exchange rate is currently trading near the bottom border of an ascending channel pattern at 0.6057 and could be set for a breakout.
If the ascending channel holds, a surge towards the psychological resistance line at 0.6100 could be expected today.
However, if the currency exchange rate breaks the channel pattern, bearish traders would aim at this week’s swing low at 0.6012 within this session.
