The New Zealand Dollar appreciated about 68 basis points against the US Dollar on Thursday. The currency pair reversed from a support cluster formed by the weekly S1 and the 50– hour SMA at 0.6288 during yesterday’s session.
As for the near future, the exchange rate will likely continue to edge higher until it reaches a resistance cluster formed by the weekly R1 and the monthly R1 at 0.6398.
The NZD/USD currency exchange rate will most likely make a retracement down from the resistance cluster, as mentioned above.
