NZDUSD Analysis: Breakout occurs
|NZDUSD
Upside risks prevailed in the market on Monday, thus allowing the New Zealand Dollar to surged by 98 base points against the US Dollar. As a result, the exchange rate broke a one-week ascending channel.
Given that the currency pair is trading above the one-week ascending channel pattern, it is expected that the rate re-tests the weekly R2 at 0.6598 within this session.
On the other hand, the NZD/USD currency pair could reverse from current price level and aim south towards the 50-hour simple moving average at 0.6531 during the following trading session.
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