The New Zealand Dollar surged by 67 pips or 0.94% against the US Dollar on Friday. The currency pair breached the 50-, 100– and 200– hour SMAs during Friday’s trading session.
All things being equal, the exchange rate is likely to continue to trend bullish during the following trading session. A breakout through the upper line of a descending channel pattern could occur.
However, if the channel pattern holds, the NZD/USD currency exchange rate would make a brief retracement towards the 0.7160 level in the short term.
