The New Zealand Dollar has depreciated about 56 base points against the US Dollar since July 22. A breakout had occurred through the bottom border of an ascending channel pattern.
Currently, the exchange rate is near a support level formed by the 200-hour simple moving average at 0.6725.
If the support level holds, a surge towards the 0.6780 regions could be expected within this session.
However, if the currency exchange rate passes the 200-hour SMA, the next target for bearish traders will be at the weekly S1 at 0.6705.
