The New Zealand Dollar has depreciated about 36 basis points against the US Dollar since yesterday’s trading session. The currency pair tested the lower boundary of a descending channel pattern at 0.6400.
The NZD/USD exchange rate bounced off the bottom border of the descending channel pattern at 0.6400 during the morning hours of Thursday’s trading session.
By and large, bullish traders are likely to continue to edge higher within this session. The potential target will be at the 0.6460 area.
However, the weekly R1 at the 0.6443 region could still provide resistance for the currency exchange rate in the shorter term.