NZD/USD potential upward moves

The New Zealand Dollar has maintained its gradual movement upwards against the US Dollar today. However, the exchange rate continues trading in a junior ascending channel.

During the European trading session on Thursday, the currency pair breakout from the 55– hour simple moving average and the weekly pivot point at 0.7012, and could be heading for a re-test of the monthly PP.

As for near future, it is likely for the Kiwi to surge against the Greenback in the short-term future until it finds resistance at the 200– hour SMA. In the meantime, technical indicators stated otherwise. It suggests that bears are expected to grow strong within this session.

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