The New Zealand Dollar declined by 78 basis points or 1.20% against the US Dollar on Friday. The currency pair was pressured lower by a narrow descending channel pattern.
The exchange rate broke the narrow descending channel pattern during the London session on Monday. Given that a breakout had occurred, the NZD/USD pair will most likely continue to surge until it reaches the 0.6460 area.
However, a resistance cluster at the 0.6433 level could provide resistance for the currency exchange rate during the following trading session.
