The New Zealand Dollar has appreciated about 95 base points against the US Dollar since June 21. The currency pair bounced off the lower boundary of an ascending channel pattern at 0.6563 on Friday.
The exchange rate breached a resistance level formed by the weekly R1 at 0.6640 during the first part of Tuesday’s trading session.
As for the near future, it is likely that the NZD/USD pair could make a brief retracement towards the 50-hour simple moving average at 0.6602 during the following trading session.
If the support level formed by the 50-hour SMA holds, the pair will continue its upward swing in the short-term.