The New Zealand Dollar rose by 54 basis points or 0.82% against the US Dollar on Monday. A breakout occurred through the upper border of a descending channel pattern at 0.6638 during the London session on Tuesday.
Given that a breakout has occurred, the currency pair could continue to edge higher during the following trading session. The potential target for bulls would be at the 0.6700 area.
However, technical indicators demonstrate that bears are likely to pressure the currency exchange rate lower within this session.
