The New Zealand Dollar surged by 45 pips or 0.67% against the US Dollar on Thursday. The currency pair bounced off from a support level formed by the 50– hour simple moving average at 0.6657 during the London session on Friday.
Most likely, the exchange rate could continue to edge higher throughout Friday’s session. The potential target for bullish traders would be near the weekly R2 at 0.6725.
However, if the resistance line at the 0.6686 holds, bears would pressure the currency exchange rate lower during the following trading session.
