This is likely to guide the currency pair up to the weekly at the 0.7437 mark, in which the closest resistance is located.
Technical indicators flash 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 for the next trading session.
The New Zealand Dollar has stopped its rally against the US Dollar. The currency pair encountered a short period of consolidation at the end of Monday trading day.
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.