The New Zealand Dollar has surged by 162 pips or 2.83% in value against the US Dollar since yesterday’s trading session. The currency pair breached the 200– hour simple moving average at 0.5859 on Wednesday.
As for the near future, the NZD/USD exchange rate could continue to slide higher until it reaches a resistance level formed by the monthly S2 at 0.6001.
If the monthly S2 holds, the currency exchange rate could make a brief pullback within this session.
However, if the pair breaks the resistance line, a surge towards the 0.6150 area could be expected today.
