The New Zealand Dollar has been trading in a one-week ascending channel pattern against the US Dollar. The currency pair tested its lower boundary at 0.6407 on Wednesday.
Thursday's session began with bullish momentum. By the middle of the European trading session, the NZD/USD exchange rate had breached both the 50– and 100– hour SMAs at 0.6429.
Given that the currency exchange rate has breached the 50– and 100– hour simple moving averages, the next target for bullish traders would be at the 0.6486 area.