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NZD/USD Anlaysis: Tests Weekly R1

The New Zealand Dollar surged by 41 pips or 0.63% against the US Dollar on Monday. The currency pair tested the weekly resistance level at 0.6579 during yesterday’s trading session.

Everything being equal, the NZD/USD exchange rate could continue to edge higher during the following trading session. The potential target for bullish traders would be at the 0.6600 level.

However, given that a breakout had occurred through the lower boundary of an ascending channel pattern, a decline towards the 100– hour simple moving average could be expected today.

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