The New Zealand Dollar has been appreciating in a narrow ascending channel pattern against the US Dollar since the end of May. The currency pair re-tested the upper boundary of the channel pattern at 0.6666 during yesterday’s trading session.
The 50-hour simple moving average is currently providing support for the exchange rate at 0.6619.
If the support line holds, a surge towards the 0.6680 mark could follow within this session.
However, if the NZD/USD pair passes the 50-hour SMA, bears could drag the rate towards the weekly R2 at 0.6597 in the short-term.
