The New Zealand Dollar has surged by 227 basis points or 4.06% in value against the US Dollar since Monday’s trading session. The currency pair tested a resistance cluster at 0.5774 during the Asian session on Tuesday.
The exchange rate is currently trading near the upper boundary of a descending channel pattern at 0.5811 and could be set for a breakout.
If this breakout occurs, a surge towards the monthly S2 at 0.6001 could be expected within this session.
However, the 200– hour simple moving average at 0.5904 could provide resistance for the currency exchange rate today.
