The New Zealand Dollar surged by 71 basis points or 1.14% in value against the US Dollar. The currency pair tested the 100– hour simple moving average during yesterday’s trading session.
The exchange rate is currently trading near a resistance level formed by the 100– hour SMA at 0.6274.
If the resistance level holds, bears could pressure the NZD/USD pair lower within this session.
However, if the currency exchange rate breaks the 100– hour SMA, the next target for bullish traders would be at the monthly pivot point at 0.6312.
