The New Zealand Dollar depreciated by 37 basis points against the US Dollar on Tuesday. The currency pair tested the lower boundary of a descending channel pattern at 0.6522 on Wednesday morning.
The exchange rate bounced off the bottom border of the descending channel pattern during the European trading session on Wednesday.
By and large, the NZD/USD pair will most likely continue to edge up in the short term future.
However, the 50– and 100– hour simple moving averages near 0.6548 could hinder such movement within the following trading session.
