The New Zealand Dollar appreciated about 0.97% in value against the US Dollar on Friday. The 50-hour simple moving average provided support for the currency pair at 0.6627.
However, today’s trading session began with a bearish sentiment. By the middle of the trading day, a breakout occurred through the lower boundary of an ascending channel pattern.
Given that a breakout had occurred, it is likely that the NZD/USD currency exchange rate will aim for a support level formed by the 200-hour SMA at 0.6580 during the following trading session.
