A one-week ascending channel pattern has been guiding the New Zealand Dollar higher against the US Dollar. The currency pair breached the monthly R1 at 0.6390 during Friday’s trading session.
Everything being equal, the junior ascending channel pattern will most likely continue to pressure the exchange rate up until it reaches a resistance level formed by the weekly R1 at 0.6433.
On the other hand, the NZD/USD currency exchange rate might reverse from the current price level at 0.6406 and breaks the junior channel during the following trading session.
