The New Zealand Dollar has depreciated about 50 base points against the US Dollar since Thursday’s trading session. The decline was stopped by the weekly S2 at 0.6771.
By and large, it is likely that the NZD/USD currency pair will surge towards a resistance level formed by the 50-hour simple moving average at 0.6868 within this trading session.
However, technical indicators demonstrate that the currency exchange rate will continue its southern movement today. If the prediction is correct, a breakout through the lower boundary of an ascending channel pattern could be expected.
