The New Zealand Dollar maintained the descending channel pattern against the US Dollar on Monday. The 50– hour simple moving average provided resistance for the currency pair at 0.6633 during Tuesday’s session.
Everything being equal, it is likely that the exchange rate continues to maintain the descending channel pattern today. The NZD/USD pair could aim for a support level at 0.6575 within this session.
On the other hand, given that the currency exchange rate is trading near the upper boundary of the channel pattern, a breakout might occur today.
If this breakout occurs, a surge towards the 100-hour SMA at 0.6661 could be expected.
