The New Zealand Dollar surged by 54 pips or 0.84% against the US Dollar on Friday. The currency pair tested the upper boundary of an ascending channel pattern at 0.6517 during Friday’s trading session.
Most likely, the exchange rate will make a brief retracement towards a support level formed by the 50– hour simple moving average at 0.6476 during the following trading session.
However, given that the currency exchange rate is currently trading near the upper line of the ascending channel pattern, a breakout might occur before the end of the US session on Monday.
