The New Zealand Dollar versus the US Dollar remained in a junior descending channel pattern on Monday. The currency pair tested the bottom border of a dominant ascending channel during the first half of today’s trading session.
If a support level formed by the lower boundary of the dominant ascending channel pattern at 0.6793 holds, a surge towards a resistance cluster near the 0.6825 area could be expected today.
Although, if the currency exchange rate passes the dominant channel, bearish traders could drive the pair further south and potentially targeting the weekly S1 at 0.6765 within this session.
