The New Zealand Dollar appreciated about 49 base points against the US Dollar on Monday. The currency pair revealed a new junior ascending channel pattern during the end of yesterday’s trading session.
As for the near future, it is likely that the junior ascending channel pattern will guide the currency exchange rate towards a swing high of 0.6904 during the following trading session.
However, technical indicators flash strong sell signals on the daily time frame chart. Therefore, a decline towards a support level formed by the 50-hour simple moving average at 0.6811 could be expected within this session.
