NZD/USD depreciates after two days of gains, trading around 0.5970 during the European hours on Wednesday. The technical analysis of the daily chart indicates a strengthening bullish bias, as the pair moves upwards within the ascending channel pattern.
The current price movements are likely part of a consolidation phase between 0.5935 and 0.5965. In the longer run, New Zealand Dollar (NZD) could break above 0.5990; the scope for further advance may be limited, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The NZD/USD pair gains traction around 0.5945 during the Asian trading hours on Thursday. The New Zealand Dollar (NZD) edges higher against the Greenback on rising expectations that the US Federal Reserve (Fed) will deliver three rate cuts before the year's end.