The New Zealand Dollar depreciated about 78 base points against the US Dollar on Thursday. The decline was temporarily stopped by a support level formed by the 100-hour simple moving average at 0.6871.
Friday’s trading session started with a bearish sentiment. By the middle of the day, the exchange rate was trading near the lower boundary of an ascending channel pattern at 0.6871 and could be set for a breakout.
If this breakout occurs, the next target for bearish traders will be near the weekly pivot point at 0.6838.
However, it is important to note that the 200-hour SMA at 0.6858 could provide support for the pair today.