The New Zealand Dollar is currently trading in a narrow ascending channel pattern against the US Dollar. The currency pair has surged by 57 points or 0.81% since December 24.
All things being equal, the exchange rate could continue to edge higher during the following trading session. A breakout through the upper boundary of an ascending channel pattern could occur.
However, if the channel pattern holds, a decline towards the 50– and 200– hour SMAs at 0.7103 could be expected within this session.
