Upside risks have dominated the New Zealand Dollar against the US Dollar since last week’s trading session. As a result, a breakout occurred through the upper boundary of a descending channel pattern at 0.6532.
Most likely, the NZD/USD currency pair might make a brief retracement towards a support level formed by the 100-hour simple moving average at 0.6528 within this session.
If the 100-hour SMA holds, the currency exchange rate will continue its upward swing during the following trading session.
