Forex: NZD/USD targets near 200-hour SMA

The New Zealand Dollar spent Wednesday’s session trading below the monthly pivot point at 0.6721 against the US Dollar. By the end of the session, the currency pair breached the 55-hour simple moving average and also tested the lower boundary of a junior ascending channel.

A breakout occurred through the bottom border of the junior ascending channel during the Asian session on Thursday. However, no significant decline was introduced afterwards.

As for the near future, traders need to watch a support level formed by the 100-hour SMA, if they get passed, the next target for the currency exchange rate could be the 200-hour moving average.