The New Zealand Dollar declined by 88 pips or 1.35% against the US Dollar on Tuesday. The currency pair tested the lower boundary of an ascending channel pattern during yesterday’s trading session.
Given that the exchange rate is currently trading near the bottom border of the ascending channel pattern, a breakout could occur during the following trading session.
However, if the channel pattern holds, a surge towards the 200– hour simple moving average at 0.6485 could be expected today.
