Upside risks prevailed in the market on Tuesday, thus sending the New Zealand Dollar to appreciated about 77 base points against the US Dollar.
However, after hitting a resistance level formed by a traditional weekly pivot point at 0.6881, the exchange rate began to decline. As a result, the rate breached the 200-hour simple moving average at 0.6852.
Taking into consideration the price level settings, it is likely that the NZD/USD currency exchange rate continues its upside journey during the following trading session. The potential target for the currency pair will be at the upper boundary of an uptrend line at 0.6920.
