The New Zealand Dollar surged by 62 basis points or 1.02% against the US Dollar on Wednesday. A breakout occurred through the upper boundary of a dominant descending channel pattern during Thursday’s trading session.
Given that a breakout had occurred, bullish traders would continue to pressure the exchange rate higher within this session. The possible target for the NZD/USD pair would be at 0.6185.
Although, the currency exchange rate is expected to make a brief pullback towards the 50– hour simple moving average at 0.6087 today.
