The New Zealand Dollar has surged by 66 basis points or 0.99% in value against the US Dollar since Friday’s trading session. The currency pair breached the weekly S2 at 0.6577 during the Asian session on Monday.
As for the near future, the NZD/USD exchange rate will most likely continue to trade south. A support level at 0.6554 could provide support for the pair within this session.
However, if the currency exchange rate breaks the support line, the next target for bearish traders could be at the lower boundary of a descending channel pattern during the following trading session.
