The New Zealand Dollar surged by 73 pips or 1.17% in value against the US Dollar during the first half of Tuesday’s trading session. The currency pair breached the 200– hour simple moving average on Tuesday morning.
However, after the exchange rate tested the monthly pivot point at 0.6312, the pair made a downside reversal. Most likely, the NZD/USD pair will continue to edge lower within this session.
Although, a support cluster formed by the 50– and 100– hour SMAs and the weekly PP at 0.6268 could provide support for the currency exchange rate during the following trading period.
