During the past 24 hours of trading, the New Zealand Dollar has surged by 87 pips or 1.38% in value against the US Dollar. The currency pair breached the weekly R1 at 0.6338 on Friday morning.
Currently, the exchange rate is trading near the upper boundary of an ascending channel pattern at 0.6370.
A breakout could occur within this session. However, if the ascending channel pattern holds, the NZD/USD pair will make a downside reversal.
However, today’s macroeconomic data release scheduled at 12:30GMT could influence the overall movement during the following trading session.
