The New Zealand Dollar has continued to edge lower in a narrow descending channel pattern against the US Dollar. The currency pair breached the upper boundary of the channel pattern at 0.6576 during the morning hours of Wednesday’s trading session.
Given that a breakout had occurred, it is likely that the NZD/USD exchange rate will aim for a resistance level formed by the 100-hour simple moving average at 0.6616 during the following trading session.
However, technical indicators suggest that the currency exchange rate will continue its downward swing today.
