The New Zealand Dollar declined by 47 pips or 0.66% against the US Dollar on Wednesday. The currency pair tested the 0.7160 level during yesterday’s trading session.
A breakout occurred through the upper line of a descending channel pattern during the London session on Thursday.
Given that a breakout has occurred, the exchange rate could continue to edge higher during the following trading session.
However, a resistance cluster at 0.7214 could provide resistance for the currency exchange rate in the shorter term.
