The New Zealand Dollar declined by 69 pips or 0.96% against the US Dollar during the previous session. The currency pair tested the 50– hour simple moving average on Monday morning.
Given that the exchange rate has bounced off the lower boundary of an ascending channel pattern, a surge towards the weekly R1 at 0.7248 could be expected within this session.
On the other hand, the currency exchange rate could reverse from the current price level at 0.7199 and could to edge lower during the following trading session.
