The New Zealand Dollar surged by 97 basis points or 1.62% against the US Dollar on Thursday. A breakout occurred through the upper boundary of a descending channel pattern.
Given that a breakout has occurred, the currency pair could continue to edge higher within this session. The potential target for the NZD/USD exchange rate would be at the weekly R1 at 0.6156.
Although, today’s macroeconomic data releases scheduled at 12:30GMT could change the overall movement of the currency exchange rate during the following trading session.
