New Zealand’s dollar rose by 39 points or 0.59% against the US Dollar on Tuesday. The 50– hour simple moving average provided support for the currency pair during yesterday session.
A breakout occurred through the lower boundary of an ascending channel pattern on Wednesday morning.
Given that a breakout had occurred, bears would continue to pressure the exchange rate lower within this session.
However, the 100– hour SMA at 0.6685 could provide support for the currency exchange rate in the shorter term.