The New Zealand Dollar surged by 95 basis points or 1.54% against the US Dollar on Monday. The currency pair tested the lower boundary of an ascending channel pattern during the Asian session on Tuesday.
As for the near future, the exchange rate could continue to decline. A breakout through the lower boundary of an ascending channel pattern could occur within this session.
However, if the currency exchange rate breaks the weekly PP at 0.6092, a surge towards the 0.6140 could be expected during the following trading session
