The New Zealand Dollar has surged by 45 pips or 0.67% against the US Dollar since Monday’s trading session. The 50– hour simple moving average pressured the price higher during yesterday’s trading session.
Everything being equal, the exchange rate could continue to appreciate in an ascending channel pattern. The potential target for bullish traders would be at the weekly R1 at 0.6815.
However, the upper line of the channel pattern could provide resistance for the currency exchange rate in the shorter term.
