The New Zealand Dollar appreciated about 38 basis points against the US Dollar on Wednesday. A breakout occurred through the lower boundary of an ascending channel pattern near the 0.6410 area during the morning hours of Thursday’s trading session.
Given that a breakout had occurred, the NZD/USD currency pair could continue to edge lower until it reaches a support level formed by the 200– hour simple moving average at 0.6350.
If the support level holds, a potential bullish movement could occur during the following trading session.
