The NZD/USD currency pair bounced off a support cluster formed by the 200– hour simple moving average and the weekly pivot point at 0.7166 during Tuesday’s trading session. As a result, the New Zealand Dollar surged by 78 pips or 1.09% against the US Dollar on Tuesday.
The exchange rate is currently trading below the weekly resistance level at 0.7237. Bullish traders are likely to move past the resistance line today.
However, if the weekly R1 at 0.7237 holds, a decline towards the 0.7180 area could be expected within this session.
