The Kiwi has continued to surge against the Greenback for the past few days. On Thursday, it was noticed that the surge occurred in a pronounced channel up pattern.
This bullish pattern is likely to guide the currency pair up to the weekly pivot point at the 0.7437 mark, in which the closest resistance is located.
Technical indicators flash bullish signals, but the currency exchange rate could make a brief retracement south to re-test the support line at 0.7346. If and when this scenario happens, the pair could remain bullish for the next trading session.
This bullish pattern is likely to guide the currency pair up to the weekly pivot point at the 0.7437 mark, in which the closest resistance is located.
Technical indicators flash bullish signals, but the currency exchange rate could make a brief retracement south to re-test the support line at 0.7346. If and when this scenario happens, the pair could remain bullish for the next trading session.
However, that does not necessarily indicate an upcoming surge. In the second part of Monday’s trading session, the exchange rate was approaching the support at the weekly PP at 0.7355.
Everything being equal, it is expected that NZD/USD could continue moving in an ascending channel as technical indicators flash bullish signals.