The New Zealand Dollar appreciated about 95 base points against the US Dollar on Friday. The currency pair breached the 50-, 100– and 200-hour SMAs during Friday’s trading session.
Monday’s trading session started with bullish sentiment, and by the middle of the European session, the exchange rate has breached the upper boundary of a downtrend line at 0.6878.
As for the short term future, it is likely that the currency exchange rate makes a brief retracement down towards a hidden base of 0.6854. Traders should look for opportunities to trade if the given base hold.
