The New Zealand Dollar made a U-turn from a support level formed by the weekly S3 at 0.6360 during yesterday’s trading session. As a result, the currency pair edged higher by about 0.50% in value.
Currently, the exchange rate is testing a resistance level formed by the 50– hour simple moving average at 0.6392.
The 50-hour SMA will likely hold its ground during the following trading session.
However, if the NZD/USD currency exchange rate passes the 50-hour SMA, most likely, the 100-hour moving average will provide resistance for the pair.
