The New Zealand Dollar edged higher by 83 pips or 1.26% against the US Dollar on Wednesday. A breakout occurred through the upper boundary of a descending channel pattern during Wednesday’s trading session.
Given that a breakout had occurred, the NZD/USD pair could continue to surge within this session. The potential target for the exchange rate would be at the 0.6700 level.
However, technical indicators suggest selling signals on the daily time-frame chart. Most likely, the currency exchange rate could make a brief pullback during the following trading session.
