The New Zealand Dollar edged higher by 71 points or 0.98% against the US Dollar on Wednesday. The currency pair tested the upper boundary of an ascending channel pattern at 0.7320 during yesterday’s trading session.
Most likely, the exchange rate will continue to trend up in the channel pattern during the following trading session. The possible target for bears would be near the 0.7340 area.
However, if the currency exchange rate breach a support line formed by the 50– hour SMA at 0.7261, a decline towards the 0.7220 could be expected today.
