The New Zealand Dollar appreciated about 46 base points against the US Dollar on Monday. However, the currency pair failed to breach the weekly resistance level at 0.6743 during yesterday’s trading session.
Given that the NZD/USD exchange rate has breached the lower boundary of an ascending channel pattern, most likely, bearish traders might aim for the 100-hour simple moving average at 0.6680 today.
Although, the 50-hour SMA at 0.6708 could provide support for the currency exchange rate within this session.
