During the past 24 hours of trading, the New Zealand Dollar has surged by 381 pips or 6.93% in value against the US Dollar. The currency pair breached the 50– hour simple moving average at 0.5735 during the Asian trading session on Friday.
The exchange rate is currently testing a resistance cluster formed by the 100– hour SMA and the weekly resistance level at 0.5891.
If the cluster holds, the NZD/USD pair will most likely continue to trade south during the following trading session.
However, if the currency exchange rate breaks the resistance cluster, a surge towards the 200– hour SMA at 0.6044 could be expected today.
