The New Zealand Dollar appreciated about 55 base points against the US Dollar on Wednesday. The currency pair tested the upper boundary of a descending channel pattern at 0.6800 during the first half of today’s trading session.
After hitting the upper border of the descending channel pattern, the exchange rate began to decline. By the middle of the European trading session, the pair had breached the 50– and 100-hour SMAs at 0.6792/0.6775.
By and large, it is likely that the decline continues within this session. The potential downside targets for bearish traders will be near the bottom border of a dominant ascending channel at 0.6740.
