The New Zealand Dollar depreciated about 54 base points against the US Dollar on Wednesday. The currency pair returned to the descending channel during the end of the previous session.
However, today’s trading session begins with a bullish momentum, as the exchange rate reverse from the 0.6440 mark and broke the descending channel pattern.
Given that a breakout had occurred, the next target for bullish traders will be near the 200-hour simple moving average at 0.6507 within this session.
On the other hand, the currency exchange rate could make a U-turn from current price level aim at the monthly pivot point at 0.6410 today.