The New Zealand Dollar surged by 40 pips or 0.67% against the US Dollar on Monday. The currency pair breached the 50– and 200– hour SMAs during the first part of Tuesday’s trading session.
Currently, the exchange rate is testing a resistance level formed by the weekly pivot point at 0.6074.
If the weekly PP holds, a breakout through the lower boundary of an ascending channel pattern could occur within this session.
However, if the currency exchange rate breaks the resistance line, a surge towards the 0.6120 area could be expected today.
