The New Zealand Dollar has surged by 68 pips or 1.04% against the US Dollar since Tuesday’s trading session. The currency pair tested the weekly pivot point at 0.6654 during the London session on Wednesday.
If the resistance level formed by the weekly pivot point holds, bearish traders are likely to pressure the NZD/USD exchange rate lower during the following trading session.
However, if the currency exchange rate breaks the resistance line, the next target for bullish traders would be near the weekly R1 at 0.6688.
