Upside momentum pressured the New Zealand Dollar higher against the US Dollar on Wednesday. The reason for the surge was mostly related to the US FOMC meeting. The currency pair gained about 107 base points during yesterday’s trading session.
Most likely, bears could drag the exchange rate towards the weekly pivot point at 0.6885 within this session.
If the support level holds, the currency exchange rate will continue its movement in the medium-term ascending channel during the following trading session.
Meanwhile, technical indicators flash buy signals on both the smaller and the larger time frames chart.
