The New Zealand Dollar surged by 49 basis points or 0.69% against the US Dollar on Monday. The currency pair tested the upper line of a descending channel pattern at 0.7060 during yesterday’s trading session.
Currently, the exchange rate is trading near the upper line of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the weekly resistance level at 0.7091 could be expected today.
However, if the channel pattern holds, the currency exchange rate could continue to trend lower during the following trading session.
