The New Zealand Dollar appreciated about 34 basis points against the US Dollar on Monday. The currency pair breached both the 50-, 100– and 200– hour SMAs during the previous trading session.
As for the near future, the NZD/USD exchange rate is likely to continue gaining strength. The possible target for the pair will be near the weekly R2 at the 0.6461 area.
However, a resistance level formed by the weekly R1 at 0.6431 could hinder such movement during the following trading session.
