The 50– hour simple moving average has guided the New Zealand Dollar higher against the US Dollar since December 26. The currency pair has surged by 2% during the period.
The exchange rate has breached both the 50– hour SMA at 0.6728 and 100– hour SMA at 0.6706 during the first half of today’s session.
All thing being equal, the NZD/USD pair will most likely continue to edge lower during the following trading session. The potential target will be at the 0.6667 area.
However, the currency exchange rate might make an upside reversal from the 100– hour SMA today.
