NZD/USD Moves To The Upside

Bulls continue their dominance over the NZD/USD pair. The currency pair has breached the weekly resistance at 0.7331 and has also tested the upper boundary of a dominant ascending channel.

A strong support cluster set by the combination of the 55– and 100– hour simple moving averages allowed the Kiwi bulls to grow stronger during the end of the US session on Monday.

Given that the dominant pattern has been breached to the upside, it is likely that the New Zealand Dollar would continue to strengthen against the Greenback during the following session. In addition, technical indicators favor the rally to continue until it finds resistance at the next resistance near 0.7390.

Chart: NZD/USD H4