The New Zealand Dollar has continued to trade in an ascending channel pattern against the US Dollar. The currency pair pierced the lower boundary of the channel pattern during yesterday’s trading session.
All things being equal, the NZD/USD exchange rate will most likely continue to maintain the ascending channel pattern during the following trading session. The pair could target the weekly R2 at 0.6461.
However, if the resistance level, formed by the weekly R1 at 0.6431 holds, the currency exchange rate will make brief retracement down within this session.
