Downside risks pressured the New Zealand Dollar against the US Dollar on Wednesday. A breakout occurred through the lower boundary of an ascending channel pattern during Wednesday’s trading session.
Given that a breakout had occurred, bearish traders are likely to continue to drive the exchange rate lower during the following trading session. The potential target for bears would be near the 0.6600 level.
However, if the currency exchange rate breaks the resistance line at 0.6660, the next target for bullish traders would be at the 50– and 100– hour SMAs at 0.6680.
