The New Zealand Dollar soared by 81 points or 1.17% against the US Dollar on Tuesday. The 50– hour simple moving average provided support for the currency pair during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge up during the following trading session. The possible target for bullish traders would be near the weekly R2 at 0.7014.
However, if the currency exchange rate breaks a support line formed by the 50– hour SMA at 0.6959, the next target for bears would be at the 0.6920 level.
