Upside momentum has dominated the New Zealand Dollar versus the US Dollar since yesterday’s trading session. The currency pair breached the upper boundary of a descending channel pattern at 0.6302 during the European session on Thursday.
Given that a breakout had occurred, a surge towards the weekly R1 at 0.6385 could be expected today.
However, a resistance cluster formed by the weekly and the monthly pivot points at 0.6319 could restrict the bullish traders from pushing the currency exchange rate towards the given target within this session.
