The New Zealand Dollar bounced off the lower boundary of a descending channel pattern at 0.6580 on Thursday. The Kiwi has gained about 69 base points against the US Dollar since yesterday’s trading session.
The currency pair breached has breached both the 50– and 100-hour SMAs and currently aiming for the 200-hour simple moving average at 0.6678. Most likely, the rate will hit that level within this session.
However, technical indicators demonstrate that the currency exchange rate will maintain the medium-term descending channel pattern during the following trading session.