The New Zealand Dollar edged higher by 107 pips or 1.78% in value against the US Dollar on Monday. The currency pair tested the monthly support level at 0.6123 during yesterday’s trading session.
Currently, the exchange rate is testing a support level formed by the monthly S2 at 0.6001.
If the support level holds, the NZD/USD pair will slide up within the following trading session.
However, if the currency exchange rate breaks the monthly S2, the pair will likely end today’s trading session on bearish sentiment.
