The New Zealand Dollar surged by 84 points or 1.18% against the US Dollar on Tuesday. The currency pair tested the upper boundary of a descending channel pattern at 0.7240 during yesterday's trading session.
The exchange rate fell from the upper border of the channel pattern during the London session on Wednesday. Most likely, bearish traders would pressure the NZD/USD pair lower during the following trading session.
However, the 50– hour simple moving average at 0.7189 could provide support for the currency exchange rate in the short term.
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