The New Zealand Dollar has surged by 86 points or 1.27% against the US Dollar since Tuesday’s trading session. The exchange rate breached the upper boundary of an ascending channel pattern on Wednesday morning.
Given that a breakout has occurred, bullish traders are likely to continue to pressure the NZD/USD currency pair higher during the following trading session. The potential target for bulls would be near the weekly R2 at 0.6933.
However, a resistance level at the 0.6900 area could provide resistance for the currency exchange rate within the following trading hours.
