The New Zealand Dollar surged by 73 pips or 1.03% against the US Dollar on Tuesday. The currency pair breached the upper boundary of a descending channel pattern during Tuesday’s trading session.
Everything being equal, the exchange rate could continue to decline in a descending channel pattern today. The potential target for the NZD/USD pair will be near the weekly S1 at 0.7069.
However, given that the currency exchange rate is currently trading near the upper line of the channel pattern, a breakout could occur within this session
