The New Zealand Dollar bounced off the lower boundary of a descending channel pattern at 0.6385 during yesterday’s trading session. The currency pair has since gained about 70 basis points.
The NZD/USD exchange rate was trading near a resistance level formed by the 61.80% Fibonacci retracement at 0.6459 during the morning hours of today’s session.
It is likely that the currency exchange rate could edge lower within this session.
However, if the pair breaks the 61.80% Fibo, bullish traders could aim for the 23.60% Fibonacci retracement level at 0.6540 today.
