The New Zealand Dollar appreciated by 32 basis points against the US Dollar on Monday. The surge was stopped by the 200– hour simple moving average during yesterday’s trading session.
As for the near future, the NZD/USD exchange rate will most likely continue to trade in the narrow descending channel pattern. The potential target will be at the 0.6619 mark.
A possible upside reversal could occur from the support level, formed by the weekly S1 at the 0.6619 area during the following trading session.
