Forex: NZD/USD finds support near 200-hour SMA at 0.6636

A two-week ascending channel has guided the New Zealand Dollar higher against the US Dollar.

However, the currency pair broke out through the lower boundary of the two weeks ascending channel at 0.6654 during the first part of Thursday’s trading session. Currently, the 200-hour simple moving average at 0.6636 is providing support for the rate.

If this support level holds, the NZD/USD currency exchange rate could make a pullback north towards a resistance level formed by the monthly pivot point at 0.6664 during the following trading session.