The New Zealand Dollar declined by 38 pips or 0.52% against the US Dollar on Wednesday. The currency pair tested the lower line of an ascending channel pattern during yesterday’s trading session.
Given that the exchange rate has bounced off the lower line of an ascending channel pattern, bullish traders could drive the NZD/USD pair higher during the following trading session.
However, the weekly R1 at 0.7237 could provide resistance for the currency exchange rate today.
