The New Zealand Dollar surged almost 85 basis points against the US Dollar during the morning hours of Wednesday’s trading session. The surge was attributed to the macroeconomic release, namely, the Official Cash rate of New Zealand, which remained unchanged at 1%.
As for the near future, the NZD/USD exchange rate will likely make a brief retracement down. The potential target will be at the 0.6360 area.
However, a support cluster formed by the 200– hour simple moving average and the monthly pivot point at 0.6371 could provide support for the currency exchange rate within this session
