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.

NZDUSD

NZDUSD

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