NZD/USD Breakout Occurs
The New Zealand Dollar has surged by 78 pips or 1.09% against the US Dollar since Tuesday’s trading session. A breakout occurred through the upper line of an ascending channel pattern on Wednesday.
Given that a breakout had occurred, bullish traders are likely to continue to pressure the currency pair higher during the following trading session. The potential target will be at 0.7250.
However, the weekly R2 at 0.7198 could provide resistance for the NZD/USD currency exchange rate during the following trading session.
Reprinted from ActionForex，the copyright all reserved by the original author.
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