The New Zealand Dollar appreciated by about 56 base points against the US Dollar on Tuesday. The exchange rate breached both the 50– and 100-hour SMAs near 0.6800 during Tuesday’s session.
However, after hitting the weekly PP at 0.6810, the currency pair began to decline. Currently, the price is near a support level formed by the 50– and 100-hour simple moving average at 0.6788.
If the NZD/USD pair passes the support SMAs, the currency exchange rate could aim at the weekly S1 near 0.6745.
On the other hand, if the support level holds, bullish traders could push the rate towards the upper boundary of a downtrend line at 0.6810.
