The New Zealand Dollar reversed from a support cluster formed by the weekly S1 and the monthly pivot point at the 0.6350 area during the Asian trading session on Thursday. As a result, the NZD/USD currency pair has surged about 40 basis points.
In regards to the near future, the exchange rate will most likely continue to edge up. The possible target for bullish traders would be at the 0.6460 regions.
However, a resistance cluster formed by the 100– hour simple moving average and the weekly pivot point at 0.6404 could restrict bulls from driving the currency exchange rate higher within this session.
