The New Zealand Dollar appreciated about 64 base points against the US Dollar on Wednesday. The currency pair breached a descending channel pattern during the morning hours of today’s trading session.

Given that a breakout had occurred, it is likely that bullish traders could aim for a swing high at 0.6704.

On the other hand, the currency exchange rate might reverse from the current price level at 0.6674 and aim for a retest of a support level formed by the 50-hour simple moving average at 0.6623 during the following trading session.

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