The New Zealand Dollar surged by 34 pips or 0.55% against the US Dollar on Friday. However, Monday’s trading session started with bearish momentum, and by the middle of the day, the currency pair has declined by 0.85%.
Currently, the exchange rate is testing a support line formed by the 50– hour simple moving average at 0.6107.
If the support line holds, the currency exchange rate would make an upward movement during the following trading session.
But, if the NZD/USD pair breaks the 50– hour SMA, the next target for bearish traders would be at the 0.6060 area.
