The New Zealand Dollar surged by 40 pips or 0.56% against the US Dollar on Thursday. The currency pair breached the weekly resistance level at 0.7237 during yesterday’s trading session.
A breakout occurred through the lower boundary of an ascending channel pattern during the Asian session on Friday. Given that a breakout had occurred, the exchange rate will most likely continue to decline today.
However, a support line at the 0.7180 could provide support for the currency exchange rate within this session.
