A junior ascending channel pattern guided the New Zealand higher against the US Dollar on Monday. The currency pair tested the monthly pivot point at 0.6560 during yesterday’s trading session.
The exchange rate was trading near the upper boundary of a medium-term descending channel pattern at 0.6554 and could be set for a breakout.
If this breakout occurs, a surge towards a mini swing high at 0.6579 might happen within this session.
However, if the resistance level formed by the upper boundary of the descending channel holds, the pair could aim for the 0.6520 area today.
