The New Zealand Dollar surged by 49 basis points or 0.72% against the US Dollar on Monday. The currency pair tested the weekly resistance level at 0.6911 during yesterday’s trading session.
Currently, the NZD/USD exchange rate is trading near the weekly R1 at the 0.6911 level.
If the resistance level holds, a decline towards the 50– and 100– hour SMAs at 0.6868 could be expected today.
However, if the currency exchange rate breaks the weekly resistance line, bullish traders would target the 0.6940 level within this session.
