The New Zealand Dollar has surged by 104 basis points or 1.56% against the US Dollar since Thursday’s trading session. The currency pair breached the upper line of an ascending channel pattern at 0.6797 on Friday morning.
Given that the exchange rate has beached the channel pattern, bullish traders are likely to continue to pressure the NZD/USD pair higher within this session. The potential target would be at the 0.6850 level.
However, the weekly R3 at 0.6817 could provide a barrier for the currency exchange rate during the following trading hours.
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