Upside risks have been dominating the New Zealand Dollar against the US Dollar since yesterday’s trading session. The currency pair has surged by 167 basis points or 2.85% since the previous session.
Given that a breakout had occurred, the NZD/USD exchange rate could continue to trade bullish in the short-term. The potential target might be near the weekly R2 at 0.6137.
On the other hand, the currency exchange rate could reverse from the current price level at 0.6014 and make some bearish move within the following trading session.
