The New Zealand Dollar surged by 61 basis points or 1.01% against the US Dollar on Tuesday. The currency pair breached the weekly R1 at 0.6082 during yesterday’s trading session.
All things being equal, the NZD/USD exchange rate will most likely continue to surge in the ascending channel pattern. The potential target for bullish traders would be at the 0.6200 area.
However, given that the currency exchange rate is currently trading near the lower boundary of the ascending channel pattern, a breakout might occur within this session.
