The New Zealand Dollar traded with low volatility against the US Dollar on Thursday. The currency pair tested the upper boundary of a descending channel pattern during the morning hours of today’s trading session.
As for the near future, it is likely that the NZD/USD exchange rate will gain strength. The possible upside targets for bullish traders will be near the weekly pivot point at 0.6646.
Although, a resistance level formed by the 200-hour simple moving average at 0.6617 could hinder bulls from pushing the currency exchange rate higher during the following trading session.
