The New Zealand Dollar surged by 50 basis points or 0.71% against the US Dollar on Thursday. The currency pair tested the upper boundary of an ascending channel pattern at 0.7103 during Thursday’s trading session.
All things being equal, the NZD/USD pair is likely to continue to maintain the ascending channel pattern during the following trading session.
Given that the exchange rate has breached the support cluster at the 0.7060 level, bearish traders could pressure the currency exchange rate towards the 200– hour simple moving average at 0.7024 during the following trading session.
