On Friday, the New Zealand Dollar appreciated by 140 basis points or 2.47% in value against the US Dollar. The currency pair tested the upper boundary of an ascending channel pattern during Friday’s trading session.
By and large, the exchange rate could slide lower within this session. The potential target for the NZD/USD pair could be at the lower boundary of an ascending channel pattern at 0.5896.
However, the 50– hour simple moving average at 0.5962 could provide support for the currency exchange rate during the following trading session.
