The New Zealand Dollar appreciated about 56 base points against the US Dollar on Thursday. The currency pair tested the upper boundary of a junior descending channel pattern at 0.6855 during Thursday’s trading session.
As for the near future, it is likely that the NZD/USD exchange rate will decline towards a support level formed by the combination of the 200-hour simple moving average and the weekly pivot point at 0.6795.
However, the currency exchange rate needs to surpass the 50-hour SMA located at 0.6824 within this session.
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