The New Zealand Dollar surged by 75 pips or 1.27% against the US Dollar during the first part of Tuesday’s trading session. However, the exchange rate surrendered the gains by the end of the session.
Most likely, the exchange rate will continue to edge lower during the following trading session. The potential target for bearish traders could be near the psychological support line at the 0.5900 area.
Although, the support cluster formed by the 100– hour SMA and the weekly pivot point at 0.5925 could provide support for the currency exchange rate today.
