The New Zealand Dollar has appreciated about 40 basis points against the US Dollar since yesterday’s trading session. The currency pair tested a resistance cluster formed by the weekly pivot point and the 100– and 200– hour SMAs at 0.6377 on Tuesday.
Note that the currency exchange rate was restricted by the resistance cluster at 0.637. Therefore, bears could prevail in the market today. A possible target is the 0.6300 mark.
If the psychological support level at 0.6300 holds, a potential upside reversal could occur in the nearest future.
