The New Zealand Dollar surged by 43 pips or 0.46% against the US Dollar on Wednesday. The currency pair breached the weekly support level at 0.6726 during Wednesday’s trading session.
The exchange rate bounced off from the bottom border of an ascending channel pattern at 0.6687 during the London session on Thursday. Most likely, bullish traders could continue to pressure the NZD/USD pair higher today.
However, the resistance cluster formed by the 50– hour SMA and the weekly R1 at 0.6722 could provide resistance for the currency pair in the shorter term.