The New Zealand Dollar edged higher by 98 pips or 1.40% against the US Dollar on Monday. The surge was stopped by the 50– and 100– hour SMAs at 0.7100 during yesterday’s trading session.
As for the near future, the exchange rate could continue to trend bullish during the following trading session. The potential target for bulls would be near the 0.7140 level.
However, the 50-, 100– and 200– hour SMAs could still provide resistance for the currency exchange rate within this session.
