The New Zealand Dollar rose 68 points or 1.07% against the US Dollar on Wednesday. The currency pair tested the upper bound for a rising channel pattern 0.6438 during Wednesday’s trading session.
As for the near future, bearish traders could push the price lower. The potential target for salespeople could be near a 0.6300-level support cluster.
However, given that the exchange rate trades near the upper bound of a rising channel, an outbreak may occur during the following trading session.