The New Zealand Dollar rose by 28 pips or 0.42% against the US Dollar on Friday. The currency pair tested the upper line of a descending channel pattern at 0.6623 on Monday morning.
If the descending channel holds, bears could pressure the NZD/USD exchange rate lower during the following trading session. Bearish traders could target the 0.658 level.
However, if the currency exchange rate breaks the channel pattern, a surge towards the weekly R1 at 0.6662 could be expected today.
