The New Zealand Dollar has surged by 60 basis points against the US Dollar since Wednesday’s trading session. A breakout occurred through the upper boundary of a descending channel pattern at 0.6616 on Wednesday.
Given that a breakout had occurred, and the currency pair has breached the 200– period simple moving average at 0.6633, bulls are likely to continue to dominate the exchange rate within this session. The possible target will be near the weekly R1 at 0.6672.
However, technical indicators suggest a potential downside reversal within the following trading session.
