The NZD/USD pair bounced off from a support level formed by the 200– hour simple moving average at 0.5945 on Wednesday. As a result, the currency pair surged by 95 basis points or 1.43% during yesterday’s trading session.
The exchange rate could continue to surge in an ascending channel pattern within the following trading session. Bullish traders could target the weekly R2 at the 0.6137 area.
However, the upper boundary of the channel pattern could provide resistance for the currency exchange rate during the following trading session.
