The New Zealand Dollar versus the US Dollar breached the upper boundary of a descending channel pattern at 0.6603 during the morning hours of Wednesday’s trading session.
Everything being equal, it is likely that the currency pair might continue to make gains within this session. The potential target for bullish traders will be near a resistance cluster at 0.6653.
However, a resistance level formed by the 50-hour simple moving average at 0.6619 could prevent the currency exchange rate from aiming for the resistance cluster as mentioned earlier.
