NZD/USD surges in ascending pattern

Source: Dukascopy Bank SA


During late February, the NZD/USD currency pair broke the channel down pattern, which had guided the rate since November. By the start of April, the pair had formed an ascending channel. Most recently, the pair was finding support in the 200-day simple moving average and the 0.6900 mark.

If the pair continues to surge, it is expected to be slowed down by the upper trend line of the channel up pattern. Meanwhile, note that the 0.7050, 0.7100 and 0.7150 levels could act as resistance, be ore the pair reaches the 2021 September and October high levels at 0.7170 and 0.7220.

However, a decline would have to pass the 200-day SMA and the 0.6900 mark, prior to approaching the combination of the lower trend line of the channel pattern, the 50-day SMA and the 0.6850 level.
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