The New Zealand Dollar surged by 58 points or 0.88% against the US Dollar on Thursday. The currency pair tested the lower boundary of a descending channel pattern at 0.6535 on Friday morning.
Currently, the exchange rate is trading near the bottom border of the descending channel and could be set for a breakout. If the breakout occurs, a decline towards the weekly support level at 0.6505 could be expected today.
However, if the channel pattern holds, bulls could target the 100– hour simple moving average resistance level at 0.6576 within this session.
