After the NZD/USD currency pair tested the weekly R1 at 0.6436 on Thursday, the New Zealand Dollar made a U-turn south against the US Dollar. As a result, the pair depreciated about 38 basis points.
As for the near future, bulls will likely guide the currency exchange rate higher. The potential target for bullish traders would be near a psychological level at the 0.6450 area.
Although, a resistance level formed by the weekly R1 at 0.6436 might continue to provide resistance for the rate in the nearest future.
