The New Zealand Dollar appreciated about 61 base points against the US Dollar on Monday. The currency pair revealed a new junior ascending channel pattern at the end of yesterday’s trading session.
The exchange rate is currently trading near the bottom border of the junior ascending channel pattern and could be set for a breakout.
If this breakout occurs, a decline towards the 50-hour simple moving average at 0.6556 might happen.
However, if the support level formed by the lower boundary of the channel pattern holds, the pair might continue its upward swing today.
