The New Zealand Dollar declined by 30 pips or 0.42% against the US Dollar on Tuesday. The decline was stopped by the 50– hour simple moving average during yesterday’s trading session.
Currently, the exchange rate is trading near the lower line if an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 100– hour SMA at 0.7200 could be expected today.
However, if the ascending channel holds, buyers could target the 0.7280 level during the following trading session.
