The New Zealand Dollar surged by 68 pips or 1.07% against the US Dollar on Wednesday. The currency pair tested the upper boundary of an ascending channel pattern at 0.6438 during Wednesday’s trading session.
As for the near future, bearish traders could pressure the price lower. The potential target for sellers could be near a support cluster at the 0.6300 level.
However, given that the currency exchange rate is trading near the upper boundary of an ascending channel, a breakout could occur during the following trading session.
