The New Zealand Dollar depreciated about 34 basis points against the US Dollar on Tuesday. The currency pair tested a support level formed by the lower line of an ascending channel at 0.6291 during Tuesday’s trading session.
Everything being equal, the NZD/USD exchange rate will most likely continue to maintain the ascending channel pattern today.
As forecast on Tuesday, the currency exchange rate could still aim for the weekly R1 at 0.6368 today.
Note that the FOMC meeting minutes, scheduled at 18:00 GMT increase volatility in the market within this session.
