The New Zealand Dollar surged by 32 basis points or 0.75% against the US Dollar on Wednesday. The currency pair tested the weekly R2 at 0.7014 during yesterday’s trading session.
If the weekly resistance level at 0.7014 holds, bearish traders could pressure the exchange rate lower within this session. The potential target for the NZD/USD pair would be at the 0.6962.
However, if the currency exchange rate breaks the resistance line, a surge towards the 0.7040 area could be expected today.
