The New Zealand Dollar has appreciated by 52 basis points against the US Dollar on since Tuesday’s trading session. The currency pair breached the 50– and 200– hour SMAs on Tuesday.
Currently, the exchange rate is testing a resistance level formed by the weekly pivot point at 0.6504.
By and large, the NZD/USD pair will likely breach the weekly PP within the following trading session.
However, if the resistance level holds, bearish traders could drive the price lower in the shorter term.
