Forex: NZD/USD bulls market

Upside risks prevailed in the market on Wednesday, thus sending the New Zealand Dollar to appreciated about 86 base points against the US Dollar.

The currency pair was trading near the upper boundary of an ascending channel pattern at 0.6920 during the second half of Thursday’s trading session and could be set for a breakout.

Bullish traders are likely to push the currency exchange rate towards the weekly R2 at 0.6944 today.

However, it is expected that the pair makes a brief decline towards the 50-hour simple moving average at 0.6858 during the following hours.