The New Zealand Dollar gained 31 basis points or 0.48% against the US Dollar on Friday. The currency pair tested the 50– hour simple moving average at 0.6558 during Friday’s trading session.
The exchange rate is currently trading near the bottom line of a descending channel pattern at 0.6533.
If the channel pattern holds, a surged towards the 0.6580 level could be expected within this session.
However, if the currency exchange rate breaks the descending channel, bearish traders are likely to pressure the price further south in the nearest future.
