The New Zealand Dollar surged by 41 pips or 0.57% against the US Dollar on Monday. The surge was stopped by the 200– hour SMA at 0.7180 during yesterday’s trading session.
Tuesday’s session began with strong bearish momentum. The exchange rate will most likely continue to trend lower. Bearish traders might target the 0.7000 level today.
However, the weekly S2 at 0.7062 could provide support for the NZD/USD currency exchange rate in the shorter term.
