The New Zealand Dollar has appreciated about 52 basis points against the US Dollar on Tuesday. The currency pair tested the weekly R1 at 0.6436 during Tuesday’s trading session.
Currently, the NZD/USD exchange rate is testing a support level formed by the 50– hour simple moving average at 0.6409.
If the support level holds, bullish traders would drive the price higher within the following trading session.
However, if the currency exchange rate breaks the 50– hour SMA, a descending towards the 0.6379 area could be expected today.