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Bullish sentiment dominated the NZD/USD currency pair on Thursday. The pair bounced off the lower boundary of a descending channel pattern at 0.6600 and had since gained about 110 base points.

The exchange rate is trading near the upper boundary of a downtrend line at 0.6689 and could be set for a breakout.

If this breakout occurs, the currency exchange rate will target a swing high of 0.6788.

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However, a resistance line formed by the 200-hour SMA holds, the pair could make a brief retracement towards the 0.6651 area.

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