The New Zealand Dollar has surged by 35 pips or 0.53% against the US Dollar since last week Thursday. The currency pair breached the 200– period simple moving average during Friday’s trading session.
Technical indicators flash selling signals on the 4H time-frame. Most likely, bearish traders will pressure the NZD/USD exchange rate lower within this session. A potential breakout through the lower boundary of an ascending channel pattern could occur.
However, if the currency exchange rate breaks the resistance level at 0.6560, a surge towards the 0.6580 area could be expected today.
