The New Zealand Dollar surged by 126 pips or 1.73% against the US Dollar on Wednesday. The NZD/USD currency pair tested the upper line of an ascending channel pattern at 0.7450 during yesterday’s trading session.
All things being equal, the exchange rate could continue to trend 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, a decline towards the 50– hour simple moving average at 0.7370 within Thursday’s trading session.
