The New Zealand Dollar rose by 65 basis points or 0.99% against the US Dollar on Friday. The currency pair breached the upper boundary of an ascending channel pattern at 0.6667 during Friday’s trading session.
Everything being equal, the NZD/USD exchange rate could continue to edge higher during the following trading session. A breakout through the upper line of the channel pattern might occur.
However, if the ascending channel holds, bears could pressure the currency exchange rate lower towards the 50-, 100– and 200– hour SMAs at 0.6619 within this session.
