NZD/USD Analysis: Target at 0.6879
|NZDUSD
The New Zealand Dollar depreciated about 46 base points against the US Dollar on Thursday. The decline was stopped by a support level formed by the 200-hour simple moving average at 0.6810.
The currency pair bounced off its lower boundary of a medium-term ascending channel pattern at 0.6810 during the end of yesterday's trading session and has since breached a significant resistance cluster at 0.6843 and gradually edging higher.
As for the near future, it is likely that the currency exchange rate might target the weekly resistance level at 0.6879.
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