The New Zealand Dollar depreciated by 34 basis points or 0.54% in value against the US Dollar on Wednesday. The currency pair tested the weekly S1 at 0.6281 during yesterday’s trading session.
Thursday’s trading session began with bullish momentum. The exchange rate has breached both the 50– and 100– hour SMAs. The possible target for the NZD/USD pair would be at the 200– hour simple moving average at 0.6353.
A potential downside reversal could occur from the 200– hour SMA within the following trading session.