The 50– hour simple moving average guided the New Zealand Dollar against the US Dollar on Friday. The currency pair made about 35 pips move during Friday’s trading session.
The NZD/USD exchange rate is currently trading near the upper boundary of an ascending channel pattern and could be set for a breakout. If the breakout occurs, a surge towards the 0.6900 level could be expected within this session.
However, if the channel pattern holds, bearish traders could target the support cluster at 0.6720 today.
