The New Zealand Dollar declined by 53 basis points against the US Dollar on Tuesday. The currency pair was pressured down by the 50– hour simple moving average during yesterday’s trading session.
Given that a breakout had occurred, the NZD/USD exchange rate could continue to edge higher during the following trading session. The potential target will be at a psychological level at 0.6700.
However, a resistance cluster formed by the weekly pivot point and the 200— hour simple moving average at 0.6684 could provide resistance for the currency exchange rate within this session.
