The New Zealand Dollar remained flat against the US Dollar on Tuesday. The currency pair tested the bottom border of an ascending channel pattern at 0.6412 during yesterday’s trading session.
Given that the 100– and 200– hour SMAs are below the price level, the NZD/USD currency pair will likely edge up within this session.
On the contrary, a breakout through the lower boundary of the junior ascending channel could occur today.
If this breakout occurs, bearish traders might aim for the 200– hour simple moving average at 0.6364 during the following trading session.