The New Zealand Dollar versus the US Dollar bounced off from a support cluster at 0.7067 during yesterday’s trading session. As a result, the NZD/USD currency pair has surged by 87 pips or 1.23% since Wednesday.
On the one hand, the exchange rate is likely to continue to surge during the following trading session. A breakout through the upper line of an ascending channel pattern could occur.
On the other hand, the weekly R2 at 0.7175 could provide resistance for the currency exchange rate and pressure the price lower during Thursday’s trading session.
