NZD/USD bounces off resistance

Near midnight from Monday to Tuesday the New Zealand Dollar met with the resistance of the long term channel up pattern against the US Dollar. The event resulted in a Kiwi decline against the Greenback.

However, by the middle of Tuesday’s London trading session the rate had found support in the combined strength of the 55 and 100– hour simple moving averages. Due to that reason a rebound up to the 0.6960 level became possible, if the SMAs manage to push the rate higher.

Although, in accordance with the technical patterns, the pair should fall down to the 0.6900 mark.