The New Zealand Dollar surged by 43 basis points against the US Dollar on Friday. The currency pair tested the upper boundary of a descending channel pattern at 0.6652 on Monday morning.
As for the near future, the NZD/USD exchange rate could edge lower. Bearish traders could target the 0.6618 during the following trading session.
However, a support cluster formed by the weekly and the monthly pivot points and the 100– hour simple moving average at 0.6634 could provide support for the currency exchange rate in the shorter term.
