The New Zealand Dollar surged by 52 pips or 0.75% against the US Dollar on Tuesday. The currency pair tested the weekly resistance level at 0.7070 during yesterday’s trading session.
All things being equal, the exchange rate is likely to continue to edge higher during the following trading session. A breakout through the upper boundary of an ascending channel pattern could occur.
However, if the channel pattern holds, bearish traders might pressure the currency exchange rate lower during the following trading session.
