The New Zealand Dollar was steered mainly by bullish sentiment on Tuesday against the US Dollar. As a result, the exchange rate breached the weekly resistance level at 0.70 and tested the upper boundary of a dominant ascending channel.

At the time of this analysis on Wednesday, the 55– and 100– hour simple moving averages was providing support for the currency pair at 0.70 and 0.7029 respectively.

In case bulls continue to prevail, the currency exchange rate could be heading for a potential high at 0.7106 which is a resistance cluster formed by the combination of the weekly and the monthly PPs.