The New Zealand Dollar surged by 51 basis points or 0.85% against the US Dollar on Thursday. The currency pair breached the 50– hour simple moving average during Thursday’s session.
All things being equal, the NZD/USD exchange rate would continue to surge in the descending channel pattern. Bulls could aim for the upper line of the descending channel within this session.
On the other hand, the 50– hour simple moving average at 0.5993 could provide resistance for the currency exchange rate during the following trading session.
