The 50– hour simple moving average guided the New Zealand Dollar against the US Dollar on Monday. The currency pair tested the upper boundary of an ascending channel pattern at 0.6852 during Monday’s trading session.
Currently, the exchange rate is trading near the upper line of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 0.6900 level could be expected within this session.
However, if the channel pattern holds, bears might drive the currency exchange rate lower today.
