The NZD/USD currency pair bounced off from a support level formed by the 200– hour simple moving average at 0.7063 on Tuesday. As a result, the New Zealand Dollar has surged by 58 basis points or 0.82% against the US Dollar since yesterday’s trading session.
Everything being equal, the exchange rate could continue to edge higher during the following trading session. The potential target for bullish traders would be near the 0.7160 level.
However, the weekly R1 at 0.7129 could provide resistance for the currency exchange rate today.
