The New Zealand Dollar appreciated about 50 base points against the US Dollar on Thursday. The currency pair breached the 50.00% Fibonacci retracement level during yesterday’s trading session.
The exchange rate is currently testing a resistance level formed by the 50-hour simple moving average at 0.6566.
If this resistance level holds, the currency exchange rate could aim for the 61.80% Fibonacci retracement level at 0.6607 within this session.
However, if the pair passes the 50-hour SMA, a decline towards the 23.6% Fibo could be the next target for bearish traders.
