The New Zealand Dollar depreciated about 45 basis points against the US Dollar on Wednesday. The currency pair was pressured by the monthly pivot point during yesterday’s trading session.
As for the near future, the NZD/USD exchange rate will most likely continue to edge up. The potential target for bullish traders would be at the weekly R1 at 0.6368.
However, the monthly PP t 0.6319 could continue to provide strong resistance for the currency exchange rate during the following trading session.