The 50– hour simple moving average pressured the New Zealand Dollar lower against the US Dollar on Thursday.
As for the near future, given that the 50-, 100– and 200– hour SMAs are above the price level, the NZD/USD currency pair will most likely continue to fall within this session. The Greenback could push the Kiwi towards the lower boundary of a medium-term descending channel pattern at 0.6241.
On the other hand, the currency exchange rate could reverse from the current price level at 0.6291 and breakout through the upper boundary of the descending channel pattern today.
