The New Zealand Dollar surged by 62 basis points or 0.95% against the US Dollar on Monday. The currency pair tested the upper boundary of an ascending channel pattern.
Technical indicators suggest buying signals on both the smaller and the larger time-frame charts. Therefore, the NZD/USD exchange rate could continue to surge within the following session.
However, the currency exchange rate will most likely slide lower towards the weekly pivot point at 0.6405 before bearish traders take control of the market.
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