The New Zealand Dollar has surged by 47 pips or 0.72% in value against the US Dollar since Thursday’s trading session. A breakout occurred through the upper boundary of a descending channel pattern at 0.6618 on Friday morning.
Given that a breakout had occurred, the NZD/USD exchange rate could continue to edge higher. The potential target for the pair will be at the weekly R1 at 0.6654 within this session.
However, a resistance level formed by the monthly pivot point at the 0.6636 area could provide resistance for the currency exchange rate during the following trading session.