NZDUSD Analysis: Potential breakout

NZDUSD

The New Zealand Dollar appreciated about 66 base points against the US Dollar on Thursday. The currency pair tested the upper boundary of an ascending channel at 0.6533 during the end of the previous session. 

Currently, the NZD/USD currency pair is trading near the upper border of the channel and be set for a breakout.

If this breakout occurs, the next target for the currency exchange rate will be near the weekly R1 at 0.6569.

However, if that border holds, the price could make a brief pullback towards a support cluster formed by the weekly PP and the 200-hour SMA at 0.6496 during the following trading session.

NZDUSD

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