The New Zealand Dollar has surged by 98 pips or 1.64% against the US Dollar since Friday’s trading session. A breakout occurred through the upper boundary of a descending channel pattern on Monday morning.
Given that a breakout has occurred, bullish traders could continue to pressure the exchange rate higher within this session. The potential target for the NZD/USD pair would be at the weekly R1 at 0.6098.
However, the currency exchange rate could make a brief retracement towards the 0.6020 area during the following trading session.
