The New Zealand Dollar has surged by 44 points or 0.62% against the US Dollar since Tuesday’s trading session. The currency pair tested the 100– hour simple moving average at 0.7148 during the London session on Wednesday.
If the resistance level formed by the 100– hour SMA holds, bearish traders are likely to pressure the exchange rate towards the weekly S1 at 0.7084 during the following trading session.
However, if the currency exchange rate breaks the resistance line, the next target for bulls would be near the 0.7180 area.
