The New Zealand Dollar surged by 53 pips or 0.76% against the US Dollar on Wednesday. The surge was stopped by the 200– hour simple moving average during yesterday’s trading session.
Everything being equal, the exchange rate could edge lower during the following trading session. The potential target for the NZD/USD pair will be near the weekly S1 at 0.6900.
However, the currency exchange rate might reverse from the 0.6940 area and aim for the 0.6984 level today.
