The New Zealand Dollar surged by 85 basis points or 1.19% against the US Dollar on Thursday. The surge was stopped by a resistance cluster at 0.7188 during yesterday’s trading session.
As for the near future, the exchange rate is likely to continue to edge higher. Bullish traders could break the upper line of a descending channel pattern during today’s trading session.
However, if the channel pattern holds, a decline towards the weekly support level at 0.7107 could be expected during the following session.
